UK Athletics lost a record £3.7million for the 2022-23 financial year, its chairman has announced.
The Diamond League meeting in Birmingham lost the organisation about £800,000 while the World Indoor event left them half-a-million out of a pocket.
And despite additional financial backing from UK Sport and ticket sales in the region of 50,000, this year’s Anniversary Games in London lost well in excess of £100,000.
But Beattie allayed fears the organisation was about to go bankrupt thanks to a contract extension with Nike for 2030 to 2040, and part of those funds being paid up front.
UKA have been hit by a lack of a title sponsor since 2022 and the search for one is ongoing while it is still feeling the pinch since losing its broadcast deal with the BBC at the end of 2020.
“We’re coming through a very tough period where revenues have just disappeared,” he said. “We’ve lost sponsorship and broadcast money. The model hasn’t changed quickly enough to reflect that. But we’re moving in the right direction.”
UKA’s chair has predicted a loss of £1.6m for the ongoing financial year but believes the organisation will break even by 2025-26.
He also said British Olympic and Paralympic teams would not be affected heading in their preparations for Paris 2024.
