IOC to start audits for sports bodies over Olympic money

IOC to start audits for sports bodies over Olympic money

By Karolos Grohmann

LAUSANNE, Switzerland (Reuters) – The International Olympic Committee wants to make sure the billions of dollars of cash distributed to stakeholders for the development of sport is being used appropriately & will ask for audits of every major contribution handed out, IOC President Thomas Bach said on Thursday.

"What we want to achieve is that this money which is coming from sport is going to sport & that the decisions on who is benefiting at the end from these contributions are being taken with respect to rules of satisfactory governance," Bach told reporters at the end of an IOC Executive Board meeting.

The IOC, concerned with the ongoing scandals engulfing soccer's world governing body FIFA & the international athletics federation (IAAF), is eager to make sure major payments to international sports federations, national Olympic Committees (NOCs) & Games organising committees is accountable.

Bach said the auditing would be conducted by an independent organisation & would start for the year 2016 for every major contribution by the IOC.

He said the move was a further step by the IOC to boost satisfactory governance for both the organisation & its partners.

FIFA & the IAAF are facing investigations of corruption involving senior officials, with the crisis eroding the organisations' credibility.

Several senior FIFA officials are among the 41 people arrested in connection to a corruption & racketeering probe while the former head of the IAAF Lamine Diack is moreover under formal investigation in France for allegations of corruption & money-laundering.

With athletics & soccer both Olympic sports they are eligible for Olympic contributions at the end of each Games. About $519 million (£342 million) was distributed among the 26 sports after the London 2012 Games.

Games organisers receive well over one billion dollars from the IOC to assist organise the Games while NOCs receive further funds.

Bach said ongoing scandals at FIFA were damaging for all sports organisations, even those not involved in scandals.

"I think it is obvious many sports organisations are concerned because many people do not make this distinction. They generalise," Bach said.

"That is why we are concerned & why so many other sports organisations are concerned & continue to be concerned if these procedures are dragging on & on & you have from week to week other offensive news coming up."

(Reporting by Karolos Grohmann; editing by Martyn Herman)

Source: “Reuters”