World Athletics has disclosed a loss of over 1.5 million euros ($1.7 million US) due to what it describes as “systematic theft” involving individuals within the organization. Following an audit that uncovered suspicious activities spanning several years, World Athletics stated that it has provided comprehensive case details to the appropriate legal authorities for further investigation. One employee and a consultant had their contracts terminated, while another employee had already departed prior to the revelation.
The governing body, headquartered in Monaco, did not reveal the identities of those suspected of being involved in the theft. It confirmed that it had reached out to authorities in Britain and Monaco for assistance. World Athletics President Sebastian Coe has vowed to utilize all legal means to recover the embezzled funds.
Coe emphasized the organization’s commitment to transparency and integrity, contrasting it with others that overlook such incidents. He stressed the importance of taking decisive action to prevent perpetrators from repeating their offenses in new settings. 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, a milestone for the sport. World Athletics’ revenue for 2024 stood at $99.4 million, with a significant boost from Olympic-related income.
