British Fencing have appointed Jockey Club Services to manage their finances and accounting work.
The agreement announced today will see the company manage transactional processes, treasury, debtor management and financial reporting for the governing body over the next three years.
It comes after UK Sport decided in December to stop funding British Fencing in the build-up to the Tokyo 2020 Olympic Games.
The governing body had received £2.5 million ($3 million/€2.9 million) for the London 2012 cycle and £4.2 million ($5.1 million/€4.9 million) for Rio 2016.
Last month, British Fencing launched a campaign called #FundFencing to raise money so they can send athletes to international competitions.
Jockey Club Services were set up in 2014 by Britain’s largest horseracing commercial organisation to help sporting bodies in the country with a range of business expertise.
Alongside British Fencing, the group have already worked with Hampshire, Durham and Glamorgan County Cricket Clubs, Table Tennis England and England Squash.
“We have seen a number of other national governing bodies’s outsource various business services to Jockey Club Services and the feedback has been exceptionally positive,” said British Fencing chief executive Georgina Usher.
“Over the last few months British Fencing has gone through a substantial change and in order to remain competitive and do as professional job as possible, we have had to embrace the transition within the organisation.
“We need to become more efficient while reducing costs and we clearly see Jockey Club Services as a partner who will not only deliver a professional service across all financial elements of our business, but as a partner who we can trust to help us on a wider basis as we aim to achieve some challenging objectives.”