{"id":5135,"date":"2022-09-12T02:59:59","date_gmt":"2022-09-12T02:59:59","guid":{"rendered":"https:\/\/ultimatesportsghana.com\/?p=5135"},"modified":"2022-09-12T03:00:05","modified_gmt":"2022-09-12T03:00:05","slug":"cash-reserves-exceed-50-million-as-world-athletics-learns-to-dance-in-the-rain","status":"publish","type":"post","link":"https:\/\/ultimatesportsghana.com\/index.php\/2022\/09\/12\/cash-reserves-exceed-50-million-as-world-athletics-learns-to-dance-in-the-rain\/","title":{"rendered":"Cash reserves exceed $50 million as World Athletics learns to “dance in the rain”"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

World Athletics received $39.5 million for track and field’s contribution to Tokyo 2020 <\/em><\/strong><\/p>\n\n\n\n

The dividend from Tokyo 2020 has helped World Athletics to boost cash reserves after a year characterised by President Sebastian Coe as a time when the sport learnt how to dance in the rain.<\/p>\n\n\n\n

Reported revenue for the out-of-sequence Olympic year of 2021 bounded ahead to $82.9 million (\u00a371.5 million\/\u20ac82.6 million), from $44.3 million (\u00a338.2 million\/\u20ac44.2 million), and propelled profit to $29.8 million (\u00a325.7 million\/\u20ac29.7 million) from just $2.1 million (\u00a31.8 million\/\u20ac2.1 million) in 2020.<\/p>\n\n\n\n

Approaching half of the overall revenue figure – some $39.5 million (\u00a334.1 million\/\u20ac39.3 million) – was the product of the payment made by the International Olympic Committee (IOC) for track and field’s contribution to the last Summer Games.<\/p>\n\n\n\n

A smaller $6.3 million (\u00a35.4 million\/\u20ac6.3 million) IOC dividend tranche will be accounted for in 2022.<\/p>\n\n\n\n

Nonetheless, it should be remembered that the frequency of Summer Olympic Games makes this essentially a quadrennial payment, not an annual one.<\/p>\n\n\n\n

At $52.6 million (\u00a345.4 million\/\u20ac52.4 million), 2021 expenses exceeded the $43.4 million (\u00a337.5 million\/\u20ac43.2 million) of revenue that was not attributable to Tokyo 2020.<\/p>\n\n\n\n

Even so, year-end cash bounced up to a tidy $53.6 million (\u00a346.3 million\/\u20ac53.4 million), against $40 million (\u00a334.5 million\/\u20ac39.8 million) 12 months earlier.<\/p>\n\n\n\n

The revenue breakdown showed that income from sources other than the IOC dividend was essentially flat compared with 2020 levels.<\/p>\n\n\n\n

Exceptions to this were “value in kind”, which pushed on from $1.4 million (\u00a31.2 million\/\u20ac1.4 million) to $3.4 million (\u00a32.9 million\/\u20ac3.4 million), and “Diamond League” which contributed close to $1.4 million (\u00a31,2 million\/\u20ac1.4 million), up from nil.<\/p>\n\n\n\n

Life isn’t about waiting for the storm to pass, it’s about learning how to dance in the rain” is a quote World Athletics President Sebastian Coe said “sums up 2021” \u00a9Getty Images<\/em><\/strong><\/p>\n\n\n\n

On the expense side, the mounting volume of meets after the passing of the COVID-19 shock resulted in an increase in competition and event costs from $15 million (\u00a312.9 million\/\u20ac15 million) to $23.5 million (\u00a320.3 million\/\u20ac23.4 million).<\/p>\n\n\n\n

Grants and development spending edged up to $9.1 million (\u00a37.9 million\/\u20ac9 million).<\/p>\n\n\n\n

At $8.8 million (\u00a37.6 million\/\u20ac8.8 million), the Athletics Integrity Unit absorbed nearly as much, though the accounts indicated that this figure included some $1.5 million (\u00a31.3 million\/\u20ac1.5 million) that was actually reimbursed for “legal and task force related costs arising from the suspension of the Russian Athletics Federation”.<\/p>\n\n\n\n

A review to assess whether the current Russia-Ukraine conflict, or resultant sanctions imposed on Russia, would have consequences on World Athletics’ financial statements was said to have concluded that there were “no material impacts”.<\/p>\n\n\n\n

In his President’s report, Coe alluded to a quotation by author Vivien Greene which he said “sums up 2021 for me”.<\/p>\n\n\n\n

Greene wrote: “Life isn’t about waiting for the storm to pass, it’s about learning how to dance in the rain.”<\/p>\n\n\n\n

Claimed Coe: “Across the sport we did just that.”<\/p>\n\n\n\n

By David Owen  <\/p>\n","protected":false},"excerpt":{"rendered":"

World Athletics received $39.5 million for track and field’s contribution to Tokyo 2020  The dividend…<\/p>\n","protected":false},"author":4,"featured_media":5136,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-5135","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-live-sports"],"yoast_head":"\nCash reserves exceed $50 million as World Athletics learns to "dance in the rain" - Ultimate Sports Ghana | All your Sports News from Ghana<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ultimatesportsghana.com\/index.php\/2022\/09\/12\/cash-reserves-exceed-50-million-as-world-athletics-learns-to-dance-in-the-rain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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