UK Athletics has revealed an annual loss of £3.7 million ($4.66 million USD) just seven months before the 2024 Paris Olympic Games.

The governing body renegotiated a deal with apparel sponsor Nike to stave off bankruptcy. UKA chairman Ian Beattie said, “Accounts on 31 March will show a net liability position of £3.2 million. Clearly, that’s not sustainable going forward.”

The deficit for the year 2022-23 is more than double the loss that was announced in 2021-22 and is two years from when UKA was flush by £2.2 million.

The Diamond League meet in Birmingham lost the organization approximately £800,000 while the World Indoor event left them £500,000 short.

Despite financial support from UK Sport and ticket sales of 50,000, the 2023 Anniversary Games in London lost more than £100,000.

UKA’s chair predicted a loss of £1.6 million for the current financial year but believes UKA will break even by 2025-26.

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