IOA expresses "deep concern" over financial repercussions due to withdrawal of Olympic Solidarity grant

New Delhi [India], October 11 (ANI): The Indian Olympic Association (IOA) expressed its "deep concern" over the "severe financial repercussions" caused by the alleged failure of the IOA Treasurer, Sahdev Yadav, to file the necessary annual financial reports, despite repeated reminders from the International Olympic Committee (IOC).
The Olympic Solidarity grants, a vital source of funding for athlete development programs and sports initiatives, were withheld due to non-compliance in submitting the financial reports, a responsibility solely within the purview of the treasurer.
"This lapse shall significantly impact the IOA's ability to provide the necessary financial support to Indian athletes, threatening their preparation and performance for upcoming international competitions," the IOA stated in a press release on Friday.
"This negligence will result in the IOA losing out on critical Olympic Solidarity grants for the past few years, dealing a major blow to the IOA's efforts to support Indian athletes," it added.
The body stated that its president PT Usha has been persistently seeking the Executive Committee (EC) ratification of the appointment of Mr Raghuram lyer, Chief Executive Officer (CEO) since January 2024 and an expansion of the administrative staff to enhance the organization's accountability, transparency, and operational efficiency.
"The recent failures in financial management further highlight the need for these critical reforms. Dr. Usha has reiterated that a robust administrative framework is essential to ensure that the IOA fulfils its duties to the athletes, stakeholders, and the wider sporting community," the IOA added.
In another development, the IOC Executive Board, during its meeting on October 8, expressed grave concerns over "the ongoing internal governance issues within the IOA."
Specifically, the IOC EB noted the persistent obstruction to the ratification of the CEO's appointment, an action that has hindered the IOA's ability to function effectively.
As a result, the IOC EB has decided that Olympic Solidarity grants to the IOA will be withheld from disbursement until further review.
"In view of these developments, the IOC Executive Board has decided that, until further review, the Olympic Solidarity grants to the IOA will be withheld from disbursement. The IOC has also taken steps to ensure that the athletes selected for Olympic Solidarity scholarships will be paid directly, ensuring that their preparations for the future International Events are not disrupted by the internal failings of the IOA," the IOA stated in the press release.
"The IOA is committed to taking immediate corrective actions to regain the trust of the EOR and restore its financial stability. The President of the IOA calls upon all members of the General Assembly to prioritize the interests of Indian athletes and support the urgent reforms needed to ensure that such lapses do not occur in the future," it concluded. (ANI)