sport news UK Athletics record annual loss of £3.7m with the governing body gripped by ... trends now
The true scale of the financial crisis engulfing UK Athletics has been laid bare after they reported a record annual loss of £3.7million.
The governing body’s staggering deficit for the year ending March 2023 is more than double the loss they posted in 2021-22. And it means they now have an alarming net liability of £3.2m, having had healthy reserves of £2.2m just two years ago.
UKA chair Ian Beattie also projects his organisation will lose a further £1.6m in 2023-24 and concedes their current financial position is ‘not sustainable’.
However, he insists they are not under threat of bankruptcy thanks to a ‘significant’ upfront payment from Nike when they extended their kit deal to 2040, which has left them with £6.5m in the bank.
‘We are very aware these losses are big numbers,’ said Beattie. ‘Clearly that's not sustainable going forward.
UK Athletics posted an annual loss of £3.7m as the organisation battles a financial crisis
Chief Ian Beattie admitted UKA faces a 'tough few years' but believes it will survive
‘It’s going to be another tough few years ahead. But the board and I are confident that UKA as an organisation will survive.
‘Getting that cash injection was absolutely crucial. It gives us time to move back into profitability before we run out of cash.’
UKA’s troubles off the track are in contrast to their improved performance on it, with the British team winning a record-equalling 10 medals at the World Championships in Budapest in August.
However, their financial turmoil is already presenting problems ahead of next summer’s Olympics in Paris, with technical director Stephen Maguire sacked in October amid an argument over budgets.
Beattie also fears for future medal success if UKA receive a drop in UK Sport funding for the four-year cycle up to Los Angeles 2028, having been handed £22.8m up to Paris 2024.
‘Our performance programme is entirely dependent on UK Sport and there is a risk to that funding going forward,’ he said.
‘Any reduction in it will have