Olympics
Indian Olympic Association faces major financial setback
The Indian Olympic Association (IOA) faces a major financial crisis after missing out on critical Olympic Solidarity grants due to the Treasurer's failure to submit necessary reports.
The Indian Olympic Association (IOA) is facing a significant financial crisis due to its Treasurer not submitting the necessary financial reports to the International Olympic Committee (IOC), the IOA stated in a press release, on Friday.
The negligence has led to the IOA missing out on critical Olympic Solidarity grants, which support athlete development programs and sports initiatives. This has dealt a severe blow to the IOA’s efforts to aid Indian athletes as they prepare for international competitions.
These Olympic Solidarity grants, essential for the development of athletes and sports in India, were withheld by the IOC due to the non-compliance of the IOA Treasurer in submitting the required annual reports.
The inability to secure these funds will impact the IOA’s ability to support athletes in upcoming events, thus hindering their preparation and performance.
P.T. Usha, the President of the IOA, has been pushing for reforms within the association, including the ratification of Mr. Raghuram Iyer as the Chief Executive Officer (CEO), who has been in limbo since January 2024 due to internal disputes.
Usha has emphasized the need for accountability and transparency in the IOA's operations to ensure smooth functioning and proper use of funds.
She reiterated the necessity of a strong administrative framework to meet the needs of Indian athletes and fulfill the association's responsibilities.
"A robust administrative framework is essential to ensure that the IOA fulfills its duties to the athletes, stakeholders, and the wider sporting community," the statement read.