World Athletics has reported a significant financial loss of over 1.5 million euros ($1.7 million US) due to what it describes as “systematic theft” involving individuals within its own workforce. Following an audit that revealed suspicious activities spanning multiple years, the organization took action by providing detailed case information to the appropriate legal authorities for criminal investigation. As a result, one employee and a consultant had their contracts terminated, while another employee had already departed.
Although World Athletics did not disclose the identities of the individuals suspected of the theft, it confirmed that it had reached out to authorities in the United Kingdom and Monaco for further investigation. World Athletics President Sebastian Coe expressed his commitment to leveraging legal measures to recover the misappropriated funds, emphasizing the organization’s stance against turning a blind eye to such incidents.
Coe stressed the importance of transparency and accountability, stating, “Too many organizations sweep such incidents under the rug, allowing wrongdoers to perpetuate their fraudulent activities elsewhere. We are not willing to condone such behavior.” He reinforced World Athletics’ dedication to upholding principles of integrity and ethical conduct, even in challenging circumstances.
The amount reportedly embezzled by the individuals is substantial, exceeding half of the prize money awarded to gold medalists at the previous year’s Paris Olympics, a groundbreaking move by the sports industry. World Athletics recently announced a total revenue of $99.4 million for 2024, with a significant contribution from Olympic-related income.