World Athletics has reported a loss exceeding 1.5 million euros ($1.7 million US) due to what it describes as a “systematic theft” scheme involving some of its own staff members. The organization disclosed that after an audit revealed suspicious activities spanning multiple years, it has shared comprehensive case details with the appropriate legal authorities for further investigation. Following the discovery, World Athletics terminated the contracts of one employee and a consultant, while another employee had already departed.
Although the governing body, headquartered in Monaco, has not disclosed the identities of the individuals suspected of being involved in the theft, it confirmed that it has reached out to authorities in Britain and Monaco. World Athletics’ president, Sebastian Coe, has committed to utilizing all legal measures to recoup the misappropriated funds.
Coe emphasized the organization’s commitment to transparency and integrity, stating, “Many entities tend to overlook such incidents, leading to the continuation of fraudulent activities by perpetrators in new settings. We, however, adhere to a different approach.” He added, “Our organization is renowned for its robust governance practices, transparency, and unwavering commitment to upholding ethical standards, even in challenging situations. While this situation is difficult, it is imperative that we prioritize doing what is morally right.”
The amount reportedly embezzled by World Athletics surpasses half of the $2.4 million awarded as prize money to gold medalists during the previous year’s Paris Olympics, where the organization was the first in sports to implement such a reward system. World Athletics recently announced a total revenue of $99.4 million for 2024, largely driven by Olympic-related income.