World Athletics has reported 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 irregularities spanning multiple years, World Athletics has taken action by providing detailed case information to the appropriate legal authorities for further investigation. Consequently, contracts of one employee and a consultant were terminated, while another employee had already departed prior to these developments.
Although the governing body, headquartered in Monaco, did not disclose the identities of the suspected individuals involved in the theft, it confirmed that authorities in both Britain and Monaco have been informed of the situation. World Athletics’ president, Sebastian Coe, has expressed a firm commitment to pursue legal measures to recover the embezzled funds, emphasizing the organization’s dedication to upholding integrity and accountability.
Coe highlighted the importance of transparency and ethical conduct within the organization, stating, “We have established a solid reputation for ethical leadership and transparency in our operations. Despite the discomfort, it is crucial that we uphold our values and address such issues appropriately.”
The financial impact of the theft represents more than half of the prize money awarded to gold medalists at the previous year’s Paris Olympics, amounting to $2.4 million. World Athletics disclosed a total revenue of $99.4 million for the year 2024, with a significant contribution from Olympic-related income.
