By George Aluo
With over N52.5 trillion in their coffers, courtesy of the profit they made over the years, world handball governing body, the International Handball Federation (IHF) say they don’t need any Covid 19 palliative from the International Olympic Committee (IOC).
Agency reports monitored by newstap.com.ng disclosed that the IHF have already informed the International Olympic Committee (IOC) that they can get by without extra financial assistance and suggested that it target available support at other bodies which may be in more need.
IHF as at December 31, 2018, the most recent accounting date, have financial assets amounted to well over CHF130 million (£105 million, about N52.5 trillion) – a figure that will be the envy of many Summer Olympic International Federations (IFs).
This emerged as the Basel-based body published annual accounts showing that they made a profit of CHF6.8 million (£5.5million, about N2.5bn) in 2018, down from CHF15.9 million (£12.9 million/$16.1 million/€14.8 million) the previous year.
More significantly, in light of the current COVID-19-plagued circumstances confronting the sports industry, the new accounts reveal that the IHF have an exceptionally strong base of financial assets with the help of which to see out the crisis.
This is the first time that the IHF – which say they have opened a “new chapter of transparency” – have published their annual accounts on their website.
It is also thought to be the first Summer Olympic IF to have publicly acknowledged advising the IOC that its coronavirus support funding could be better utilised elsewhere.
The IHF have also notified insidethegames that laying off staff or furloughing is “not necessary”.
A number of IFs representing sports included on the Tokyo 2020 programme are facing cashflow challenges of varying degrees of severity as a result of the expected postponement by one year of multi-million-dollar payments they would normally have expected to receive from the IOC soon after the Games’ completion.
By George Aluo