Athletics: World Athletics publishes its 2020 Annual Report and Accounts

"Revenue for the year ending 31/12/2020 declined by 13% to $44.2m (€35.9m) from $51.1m in 2019, primarily due to the reduced number of events, particularly Label Road Race events," announced World Athletics in its 2020 Annual Report published on 21/09/2021. "Maintaining revenue from broadcast and commercial rights by postponing rather than cancelling events helped to deliver $34.9m (€28.4m) revenue in a difficult year. Cash reserves increase by 17% to $40m (€32.5m)."

According to the global body, "expenditure decreased by 38% to $41.7m (€33.9m) from $67.8m in 2019. Several mitigations contributed to this decrease:
• Competition related expenses dropped by almost half (49% to $15m/€12.2m) as three of our four World Athletics Series events were postponed.
• Competition, event and development related area and member federation grants also decreased significantly (48% to $8m/€6.5m) as staggered and extended lockdowns across the world took hold.
• Furlough led to a reduction in staff costs of 7% ($750,000/€610,500) in 2020 with up to 60% of head office staff fully or partially…