A CHF4.85 million (£3.7 million/$4.95 million/€4.1 million) donation from President Alisher Usmanov has enabled the International Fencing Federation (FIE) to report a CHF4.36 million (£3.3 million/$4.45 million/€3.7 million) surplus for 2016.
The federation also received just over CHF15 million (£11.5 million/$15.3 million/€12.8 million) as its share of income from the Rio 2016 Olympic Games, although CHF5.76 million (£4.4 million)/$5.9 million/€4.9 million) of this was constituted as a long-term provision to be included in this year’s financial statements.
The two items far outweighed other contributions, such as income from national federations and communications and marketing products.
All told, income came to CHF14.75 million (£11.3 million/$15 million/€12.6 million), with operating profit before interest, taxes and depreciation weighing in at CHF3.88 million (£3 million/$4 million/€3.3 million).
Among items that came in above budget were anti-doping, at nearly CHF132,000 (£101,000/$135,000/€113,000) against an expected CHF100,000 (£76,500/$102,000/€85,500), and Rio 2016-related spending at CHF1.66 million (£1.27 million/$1.69 million/€1.42 million) compared with a budgeted CHF1.37 million (£1.05 million/$1.4 million/€1.17 million).
A statement on the figures attributed to Ferial Salhi, FIE secretary/treasurer, included several explanatory remarks relating to Rio.
For example, bills for fencing tickets had to be paid in US dollars “with a fixed and very unfavourable exchange rate”.
“Normal” prices for hotel rooms “doubled and we were billed more than US$500/night”.
And due to the “very poor financial situation of the LOC [local organising committee]”, the FIE was “obliged to bear” further additional costs of more than CHF260,000 (£200,000/$265,000/€222,000).
The cost of Olympic Games accommodation was put at 184.66 per cent above budget.
The statement nonetheless stipulated that Usmanov’s latest donation had “enabled us to realise sensational Olympic Games amongst other things”.
Having also donated CHF7.3 million (£5.6 million/$7.45 million/€6.2 million) in 2015, insidethegames calculations suggest that Usmanov, a large shareholder in Arsenal football club, has gifted the FIE in the order of CHF50 million (£38 million/$51 million/€43 million) since becoming President in 2008.
While this represents a major shot in the arm for the sport that was practised by International Olympic Committee (IOC) President Thomas Bach, it is not a huge sum for Usmanov, an Uzbekistan-born billionaire with shareholdings in leading Russian mining, mobile phone and internet companies.