World Athletics has reported a loss exceeding 1.5 million euros ($1.7 million US) due to what it describes as “systematic theft” involving its own staff members. The organization disclosed that it has provided comprehensive case details to the appropriate legal authorities for further investigation following an audit that uncovered suspicious activities spanning multiple years. Consequently, World Athletics has terminated the contracts of one employee and a consultant, while another employee had already departed prior to the discovery.
Although World Athletics did not disclose the identities of the individuals suspected of the theft, it confirmed that authorities in Britain and Monaco have been notified. World Athletics President Sebastian Coe has asserted a commitment to utilizing all available legal means to recover the misappropriated funds. Coe emphasized the organization’s stance on addressing such issues transparently, stating, “We have established a strong reputation for governance and transparency, prioritizing ethical practices even when faced with discomfort. Upholding integrity is paramount.”
The amount reportedly misappropriated by World Athletics surpasses half of the $2.4 million awarded in prize money to gold medalists at the previous year’s Paris Olympics, marking a significant financial setback. The organization recently announced a total revenue of $99.4 million for 2024, bolstered by income generated from the Olympics.