UK ATHLETICS POSTS £3.7M LOSS

The chair of UK Athletics (UKA), Ian Beattie, has revealed that the organisation will record losses of £3.7m for the 2022-23 financial year.

Almost £2m was lost as a result of hosting events, with the Birmingham Diamond League event being the biggest loss for the national governing body.

The Commonwealth Games test event in May 2022 lost nearly £800,000, while the World Indoor Tour in Birmingham lost around £500,000.

The conclusion of the BBC’s broadcasting arrangement with the organisation – worth £3m annually – and the ending of Muller’s lead sponsorship have further added to UKA’s woes.

However, UKA’s contract extension with Nike, which runs until 2040 and saw some funds paid up front, have allayed bankruptcy fears, with Beattie offering assurance that British Olympic and Paralympic teams would not be affected ahead of Paris 2024.

“There simply wasn’t enough commercial income,” said Beattie of this year’s financial results. “You need a sponsor and/or serious broadcasting. I’m not underestimating these numbers at all, and it’s clearly a tough time. The environment’s difficult and nobody gives us money easily.

“The important point, though, is to note that cash flow profile of the organisation means we have the time. We won’t run out of cash. On that basis, I and the board are confident that UKA as an organisation will survive.”