FEI President Ingmar de Vos has admitted the governing body is expecting a loss this year ©Getty Images

The International Equestrian Federation (FEI) is expecting to lose between €6 million (£5.3 million/$6.5 million) and €7 million (£6.2 million/$7.6 million) because of the coronavirus pandemic, according to its President Ingmar de Vos.

De Vos told French newspaper L'Equipe that the worldwide body was stable enough to cope with the financial impact of the COVID-19 virus, which has sparked a near total shutdown of sport across the world, but would still have to make savings.

The postponement of the Tokyo 2020 Olympic Games has added to financial uncertainty for International Federations, a significant number of which rely on the quadrennial payment from the International Olympic Committee (IOC) to survive.

While the FEI does not fit into that bracket - its Olympic payout represents around seven per cent of its overall revenue - the organisation was expecting to receive around CHF15.4 million (£12.9 million/$15.9 million/€14.6 million) from the IOC in September of this year.

The FEI also has healthy reserves and has introduced a series of cost-cutting measures, including placing 60 per cent of its staff on temporary partial unemployment.

All non-essential projects have also been put on hold, while the FEI has frozen recruitment, with the exception of the process for two director-level roles.

Equestrian events have been put on hold amid the coronavirus pandemic ©Getty Images
Equestrian events have been put on hold amid the coronavirus pandemic ©Getty Images

"These are difficult times," De Vos told L'Equipe.

"We have already had to cancel 400 contests and we do not know when we will be able to start up again.

"The loss could be €6 million or €7 million, if the season resumes in July-August.

"After the 2016 Games, we collected $15 million (£12.2 million/€13.8 million) over four years…we have reserves and the ability to cope, if the current situation does not last too long, but all the same we will take steps to limit our spending."

The IOC, which has begun talks with Federations on possible financial support in light of the one-year delay to Tokyo 2020, paid out a total of $540 million (£431 million/€495 million) to International Federations after the 2016 Olympic Games in Rio de Janeiro.

The money is distributed using a system where federations are ranked according to their audience and size.

The FEI sits in the fourth group of federations alongside the likes of canoeing, fencing, handball, wrestling and sailing.