Chiulli revealed at the ARISF General Assembly here that his umbrella body was initially offered a 20 per cent share of GAISF’s funds, should it be liquidated, before agreeing with the SportAccord Executive Council to secure 30 per cent.

It means ARISF, which consists of 42 International Federations, is set to receive CHF1.7 million (£1.5 million/$1.8 million/€1.7 million) of GAISF’s total assets worth CHF5.66 million (£4.9 million/$6 million/€5.74 million).

An Extraordinary General Assembly is set to be staged tomorrow in Swiss city Lausanne where the future of GAISF is due to be decided.

Should GAISF be disbanded, all of its monies are set to be transferred to SportAccord which is then expected to share it between ARISF, Association of Summer Olympic International Federations (ASOIF), Association of International Olympic Winter Sports Federations (AIOWF) and Alliance of Independent Recognised Members of Sport (AIMS).

International Life Saving Federation secretary general Harald Vervaecke described SportAccord as a "money-driven machine" as he spoke out against the move at the General Assembly.

"I think the whole thing is power and money driven and I don’t feel comfortable that we give away an organisation that assembles all sports to a company which is vague and not even known," said Vervaecke.

"Our value is considered to be half of ASOIF and AWIOF members.

"I don’t feel comfortable with that.

"They decided on the reputation of the €5.5 million (£4.75 million/$5.68 million).

"That’s unfair.

"We have a powerful position and we just give it away to a company that is fake and has no constitution.

"If I would do that in my federation, they would immediately expel me."

Chiulli admitted that the dissolution of GAISF "was not an ideal situation" but argued that it was the "right decision to take".

"We will be relevant to the world of sport, we will have a say and we will have an influence within the new house of SportAccord," said the Italian official who served as GAISF President between 2018 and 2021.

"When you receive a letter that initially we will receive 20 per cent, you would have seen an amendment to the initial letter where we got 30 per cent.

"It’s thanks to this Board of people that you gave their trust and confidence that we managed to get that.

"Becoming a 30 per cent shareholder is not enough, we did fight for a proper representation in that [SportAccord] Board with two members.

"Do you think we are happy to dissolve GAISF - an organisation that existed for decades and decades?

"No.

"That’s the emotional side.

"If you look at the practical side, it is the right thing to do.

"This is the right decision at the point in time and this was the unanimous recommendation."

ARISF Council member Clare Briegal, who is chief executive of World Netball, claimed the abolishment of GAISF was an "opportunity to shape the future rather than be a victim of something that was not as active as it should have been".

"One of our objectives is to enable this change to actually create an opportunity for a restart," said Briegal.

"The financial security that it would give us is a complete change from where we stand now where we have very little income to work with and very little ability to do things on behalf of the member so that is the key part of the change.

"We think it is an opportunity for ARISF but we also need to listen to our members about what you want from ARISF and how that trust can actually be used wisely."

John Liljelund, ARISF Council member who is secretary general of the International Floorball Federation, admitted that there were "still questions that need to be clarified" with the proposed dissolution of GAISF.

"The problems with the process of the proposed dissolution of GAISF as it’s quite clear that the transparency has not been there," said Liljelund.

"There has been too many unclear questions.

"The question of how this will change the role of ARISF in the future and what will the role be for all the member federations towards the IOC.

"It always takes two to tango and when there are different interests and views you always have to look at the pros and cons.

"It’s not an easy decision and it’s not totally clear."