World Athletics’ first set of published accounts show a US$17.4 million loss for the 2019 financial year, a 58% reduction on the $27.6 million loss recorded for 2018. The improved financial result was partly due to a 11.6% increase in revenue to $51.1 million, and a 6.8% reduction in expenses to $67.8 million. The accounts show that despite the loss, World Athletics has cash reserves of $34.3 million at 31 December 2019.

World Athletics said that the increase in revenue was partly due to collection of costs from the Russian Athletics Federation (RusAF) from 2015-2019, which related to its ongoing suspension from international competition. Other contributors were revenue from its Road Running integrity programme, and revenue from its certification programmes. This refers to technical certifications performed for sporting infrastructure.

The 2019 accounts also revealed that the Athletics Integrity Unit (AIU), set up by World Athletics in 2016 to manage all integrity issues including anti-doping, cost World Athletics $8.3 million during 2019. The flagship Diamond League tournament costs World Athletics approximately $4.5 million per year, but such costs are offset by TV and sponsorship agreements.

Legal costs rose by 31.6% from $1.65 million in 2018 to $2.41 million during 2019, which World Athletics said was due to anti-doping challenges; ‘female eligibility’; and the French prosecution case against the previous administration, which concluded this week. It is understood that ‘female eligibility’ refers to World Athletics’ defence of its Eligibility Regulations for the Female Classification (Athletes with Differences of Sex Development), which were challenged by Caster Semenya at the Court of Arbitration for Sport (CAS). The Swiss Federal Tribunal (SFT) recently held that the CAS’s Decision to uphold the Regulations doesn’t violate Swiss public policy.

The accounts also reveal that during 2019, World Athletics paid $157,000 to the Complete Leisure Group, which provided an Executive Assistant and a workspace for its President, Sebastian Coe, during time spent in London on World Athletics business. The Complete Leisure Group, Chaired by Coe, is understood to handle his image rights. It is a subsidiary of CSM Sport and Entertainment, which Coe also Chairs, which itself is a subsidiary of Chime Communications Group, owned by Providence Equity Partners. 

World Athletics said that details of the arrangement had been publicised due to Coe’s wish for full transparency. Details of Coe’s Registered Interests are available through the UK Parliament’s House of Lords, where Coe is a Conservative life peer.