Sports Business : World Sailing receives aid from International Olympic Committee

World Sailing has announced it is receiving financial support from the International Olympic Committee to help it navigate the fallout from the coronavirus pandemic.

The federation, which was facing financial challenges even before the postponement of the Tokyo 2020 Olympic Games, said on Monday that the agreement followed “constructive dialogue” with the IOC.

The level of support has not been disclosed but, according to the governing body, “will enable World Sailing to continue plans for developing and promoting sailing worldwide and delivering the highest standards for the Tokyo 2020 and Paris 2024 Olympic Games.”

The Tokyo Olympics are now due to take place in July and August of 2021.

The IOC has established a $150 million “aid package” to help international federations, national Olympic committees and other stakeholders cope with the postponement of the games.

Like many international federations, World Sailing is heavily reliant on the quadrennial Olympics for revenue, and has been further hit by the postponement and cancellation of events as a result of the Covid-19 crisis.

In a statement, Kim Anderson, the president of the federation, said: “Receiving the support and the encouragement from IOC president Thomas Bach means a lot for World Sailing. I am looking forward to continuing the great partnership between the IOC and World Sailing with a focus on our great sport and our sailors.”

As a UK-based federation, World Sailing does not have access to the financial aid package on offer from the IOC and the Swiss government to international sports bodies based in the country following the postponement of the Olympics, with the two parties each providing 50 per cent of loan