altOCTOBER 19 - COLIN MOYNIHAN (pictured) has been warned that the British Olympic Association (BOA) is facing severe financial problems if he pushes ahead with his plans to expand the organisation in the build-up to London 2012.

 

Moynihan, who will tomorrow be re-elected unopposed as the chairman of the BOA for the next four years, has big plans for the organisation.

 

These include supporting Sir Clive Woodward's £15 million plan for an Olympic coaching academy.

 

But Rod Carr, chief executive of the Royal Yachting Association, is concerned that the BOA is spending too much.

 

He told The Sunday Telegraph in an article published today: "If they carry on spending like they are doing they will be in a very bad financial position at the end of their financial year.

 

"My reading of it is that they are starting to get into deep water and their reserves are worth less than they were two weeks ago [because of the credit crunch].

 

"So, combining where they are with their reserves and the ambitious programme that Colin has got planned for the BOA, my question is: where is the money going to come from?"

 

The BOA is currently searching for a new chief executive to help maximise the opportunities of London 2012 but Moynihan had to lend them £250,000 from his own pocket last year as they posted losses of £1.3 million.

 

Carr said: "When you've got it, you can spend it.

 

"Before you've got it, you don't spend it.

 

"To have a strong BOA is vital in the next four years and we don't want to follow a risky strategy that could undermine that because that would be a disaster for all the sports."

 

To read the full article visit http://www.telegraph.co.uk/sport/othersports/olympics/london2012/3223793/Lord-Moynihan-will-be-warned-by-BOA-about-spending-for-2012-Olympics-London-Olympics.html.