Exclusive: IAAF in hunt for $25 million sponsorship payment from Russian bank

January 16, 2016 0

International Association of Athletics Federations (IAAF) President Sebastian Coe has promised to investigate the whereabouts of a sponsorship worth $25 million (£17 million/€23 million) supposedly paid to the world governing body by a Russian bank.

According to the report published yesterday by World Anti-Doping Agency Independent Commission report, the payment from VTB Bank was made in 2012 following a meeting between officials including Papa Massata Diack, the son of former IAAF President, Lamine, All Russia Athletic Federation (ARAF) President Valentin Balaknichev and an unnamed Russian television advisor.

The $25 million sponsorship deal was reportedly because Lamine Diack was unhappy that Russian television had paid only $6 million (£5.5 million/€4 million) to screen the 2013 IAAF World Championships in Moscow.

“If the foregoing information on the awarding of the Championships and the sponsorship agreement is true; then, the IAAF should undertake a forensic examination of the relationship and how the rights were awarded to determine whether there were any improprieties,” claimed the Commission.

The IAAF are, as of yet, unable to account for the payments, but Coe has confirmed to insidethegames that they will investigate.

The suspicion if a large proportion of the money was pocketed by the Diacks.

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