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World Sailing was not financially well positioned before the COVID-19 pandemic as ambitious management decisions failed to deliver. While there are now new hands on the wheel, the postponed Olympics meant a delay in funding that Olympic sports receive following the games. With a new CEO and Board of Directors, there is optimism that solvency is achievable but there are no quick fixes in the forecast. Here are some updates:
• World Sailing chief executive David Graham has admitted the embattled Federation would have gone into liquidation without financial assistance provided by the International Olympic Committee (IOC) following the coronavirus-enforced postponement of the Tokyo 2020 Olympic Games. Sailing’s worldwide governing body is thought to have received a loan of around $3.1 million as part of the IOC’s support package, designed to offset the financial impact of the decision to delay Tokyo 2020 by a year on Federations and other sports bodies. Without that, Graham said, “we would have gone into liquidation.” – Full report
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