Athletics: World Athletics publishes its 2019 Annual Report and Accounts

"revenue for the period ending 31/12/2019 rose by 13% to $51.1m (€45.6m) on the previous year. Expenditure for the same period fell 5.5% to $67.8m (€60.5m)" representing an operating deficit of $16.7m (€14.9m), stated the body in its annual report published on 10/09/2020, adding "around 80% of our income is spent on athletes through staging events, development and integrity programmes."

"The 2019 consolidated financial accounts mark the end of our four-year funding cycle with cash reserves of $34.3m (€30.6m) at 31/12/2019. A root-and-branch review of all HQ expenditure during 2018 and 2019 led to HQ staff freezes and excess costs cut from across the organisation. The benefits of many of these decisions will be seen from 2020 onwards," continued the body.

"New commercial partnerships with Qatar National Bank (2018), The Wanda Sport Group (2019) and a renegotiation of our Dentsu partnership have gone some way to filling the revenue gap left by partners exiting the sport following the high profile revelations associated with the previous administration," added World Athletics.