World Athletics has reported a loss of over 1.5 million euros ($1.7 million US) due to what they describe as “systematic theft” involving individuals within the organization. Following an audit that uncovered suspicious activities spanning multiple years, World Athletics has taken action by providing detailed information on the case to relevant legal authorities for further investigation. The governing body, headquartered in Monaco, has terminated the contracts of one employee and a consultant, while another employee had previously departed.
Although the individuals suspected of the theft were not named, World Athletics has disclosed that authorities in Britain and Monaco have been informed of the situation. World Athletics President, Sebastian Coe, has expressed the organization’s commitment to utilizing legal measures to recover the embezzled funds.
Coe emphasized the importance of transparency and accountability, stating, “We have established a solid reputation for ethical governance and standing up for what is right, even in challenging circumstances. While uncomfortable, it is imperative that we take the necessary steps to address this issue.” The amount reportedly misappropriated by World Athletics surpasses half of the prize money awarded to gold medalists at the previous year’s Paris Olympics, which totaled $2.4 million. World Athletics disclosed a total revenue of $99.4 million for 2024, citing a boost from Olympic-related earnings.
