International Cycling Union Unveils Significant $ 5 Million Loan From IOC

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UCI borrows $ 5 million from IOC due to postponement in Tokyo 2020 © Getty Images

The International Cycling Union (UCI) has borrowed $ 5 million (£ 3.6 million / € 4.2 million) from the International Olympic Committee (IOC) to help mitigate the impact of the Tokyo 2020 delay.

The figure is disclosed in the organization’s recently released financial statements for 2020.

It is the largest such loan to date since the IOC published a list of 15 international federations (IFs) to which it lent money just over a year ago.

UCI CEO Amina Lanaia said the pandemic “was and continues to be a serious problem for our federation.”

She added: “The future looks better today, but we are ready to respond if the current situation lasts longer than expected.”

New accounts show that the UCI lost a relatively manageable CHF 1.78 million (£ 1.4 million / US $ 1.95 million / € 1.65 million) at an operating level in 2020, and the net deficit was further capped 1 CHF 05 million (£ 827,000 / US $ 1.15 million / € 971,000).

We are talking about annual revenue, which fell by about a quarter from CHF 40.7 million (£ 32.1 million / US $ 44.5 million / € 37.6 million) in 2019 to CHF 29.1 million francs (22.9 million pounds / 31.8 million US dollars / 26.9 million euros).

UCI President David Lappartient acknowledged that 2020 was “a very difficult year for world sport” but stated that the organization is now “in a very good position to ensure the growth of our sport and its increasing contribution to the healthy development of our society.”

The UCI is looking for a new host for the World Track Cycling Championship this year © Getty Images
The UCI is looking for a new host for the World Track Cycling Championship this year © Getty Images

Assets at the end of the year amounted to a comfortable 90.6 million Swiss francs (71.4 million pounds sterling / 99.1 million US dollars / 83.8 million euros), of which 56.9 million Swiss francs (44.8 million pounds sterling / USD 62.2 million / EUR 52.6 million) were classified as non-current.

Last July, the IOC announced that it had allocated about $ 63 million (£ 45.4 million / € 53.3 million) to the MoF, with loans to the 15-year-old Olympic International Federations.

At that time, for some reason, the specific amounts provided to individual IFs were not disclosed.

However, details are now starting to leak: FINA is believed to have received $ 1 million (£ 720,000 / € 850,000), World Sailing $ 3.1 million (£ 2.25 million / 2 , 6 million euros), International Gymnastics Federation. (FIG) is around $ 1.5 million (£ 1.05 million / € 1.23 million) and the International Tennis Federation (ITF) is $ 3 million (£ 2.2 million / € 2.55 million).

Moreover, a string hidden in the recently released financial accounts of the IOC for 2020 suggests that the financial support provided by the MOF this year may have actually amounted to $ 40.66 million (£ 29.3 million / € 34.4 million). …

The loans are expected to be deducted from the amounts each individual IFs are earning for their sport’s contribution to Tokyo 2020.

UCI accounts also show that Lappartient’s remuneration, including benefits, social security contributions and retirement expenses, increased last year to CHF 428,000 (£ 337,000 / US $ 468,000 / € 396,000) from CHF 424,000 (334,000 GBP / USD 464,000 / EUR 392,000) in 2019. …

However, his travel expenses fell from CHF 126,000 (£ 99,000 / US $ 138,000 / € 117,000) to CHF 55,000 (£ 43,000 / US $ 60,000 / € 51,000).



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