The suspension of Russian athletes from international competitions and retirement of Yuzuru Hanyu has had a negative impact on the ISU budget
The suspension of Russian athletes from international competitions and retirement of Yuzuru Hanyu has had a negative impact on the ISU budget.
source: Sport24 dd. 10th July by Anastasia Loginova
This was stated in the audit report of the International Skating Union (ISU) for the year 2022.
“While the slowdown of the pandemic can be considered a positive aspect, the situation in Ukraine (wording changed upon the request of Russian legislation – ed. Sport24) and the subsequent decision of the ISU Council to implement protective measures by not allowing athletes and officials from ISU member countries Russia and Belarus to participate in international competitions gradually led to some negative consequences for the ISU.
In addition to the sporting aspect of the absence of top figure skaters among ISU members, this also resulted in a decrease in advertising revenues and media rights, especially from Russian sponsors and media partners. Considering the situation in Ukraine, a decision was made to maintain a reserve of 2.5 million Swiss francs to cover losses during crisis situations.
Sanctions against Russia and the absence of Russian figure skaters in ISU competitions have led to the organization almost not receiving any advertising and media rights revenues. The first significant negative impact of approximately 1 million Swiss francs will be noticed in 2023. The existing reserve of 2.5 million Swiss francs for crisis situations will be partially liquidated to compensate for this negative impact,” the report states.
In addition to this, the ISU Council noted the impact of the retirement of two-time Olympic champion in figure skating Yuzuru Hanyu.
“In the sports industry, there are also signs of saturation, exacerbated by growing competition from other entertainment formats. Advertising expenses are clearly shifting from television broadcasters to social media/digital technologies and the gaming industry, and there is an increasing dominance of major technological companies, which receive the largest share of advertising revenues.
Since Japan is the main market for the ISU, it should be noted that the aforementioned events, unfortunately, have also accelerated in Japan. Furthermore, the retirement of the most popular Japanese figure skater from competitive skating has further exacerbated this problem,” the report states.
Russian coach and judge Svetlana Lyapina, mother of ice dancer Jonathan Guerreiro, switched her sports citizenships and will represent Australia at the international competitions