International Gymnastics Federation (FIG), led by President Morinari Watanabe, borrowed a total of approximately $1.5 million in 2020 ©Getty Images

The International Gymnastics Federation (FIG) looks to have taken out a loan of approximately $1.5 million (£1.1 million/€1.3 million) from the International Olympic Committee (IOC) to help tide it over in the wake of last year’s Tokyo 2020 postponement.

The information is contained in the FIG’s 2020 financial report, which was signed off on February 19 and has now appeared on the federation’s website.

The accounts, which are denominated in Swiss francs, reveal that the FIG joined a growing list of Summer Olympic International Federations (IFs) to have made a loss in heavily COVID-impacted 2020, albeit it made a much smaller deficit than originally budgeted.

The auditor’s statement puts the exact size of the IOC loan at CHF1.33 million (£1.05 million/$1.45 million/€1.23 million).

In addition, it reveals that the FIG took out loans of a further CHF700,000 (£554,000/$760,000/€647,000) from the Swiss Government "in order to maintain the liquidity".

The IOC announced last July it had allocated around $63 million (£49 million/€54 million) to IFs, with 15 Summer Olympic IFs, including the FIG, being handed loans.

At the time, for some reason, specific amounts made available to individual IFs were not disclosed.

However, details are now beginning to trickle out, with the International Swimming Federation (FINA) thought to have received $1 million (£727,000/€850,000) and World Sailing $3.1 million (£2.25 million/€2.6 million).

Moreover, a line buried in the newly-published 2020 IOC financial accounts suggests that financial support extended to the IFs in the year may actually have totalled $40.66 million (£29.6 million/€34.6 million).

President Thomas Bach and the IOC announced last July it had allocated around $63 million to International Federations ©Getty Images
President Thomas Bach and the IOC announced last July it had allocated around $63 million to International Federations ©Getty Images

The FIG’s 2020 loss reached a fairly modest CHF651,000 (£515,000/$708,000/€601,500).

This was generated on income of around CHF19 million (£15 million/$20.65 million/€17.55 million).

Of this, just CHF2.23 million (£1.76 million/$2.42 million/€2 million) came from events, down from just under CHF9.5 million (£7.5 million/$10.3 million/€8.8 million) budgeted.

The biggest contribution came from so-called "exceptional income" of CHF10.4 million (£8.2 million/$11.3 million/€9.6 million).

Total assets at the end of a difficult year remained at a comfortable CHF44.5 million (£35.2 million/$48.4 million/€41 million), of which a bit less than half was property.

The relatively sparse nine-page document does not directly explain what the exceptional income was, although it does say the "financial impact of postponed events 2020 has been reflected in the Exceptional Items section".

Cancelled provisions have also contributed to the lower-than-expected loss. "as the underlying risks do not exist any [more]".

There is a new provision of CHF250,000 (£200,000/$272,000/€231,000) for "supporting the organiser of the Friendship & Solidarity Competition in Tokyo 2020".

All reserves are said to have been transferred to General Reserves, which amount to some CHF26 million (£20.5 million/$28.3 million/€24 million).

As a top-tier sport, gymnastics can expect one of the biggest payouts from the IOC to individual Summer Olympic IFs assuming Tokyo 2020 is now delivered satisfactorily.