World Athletics Uncovers Major Financial Scandal

World Athletics has been hit by a financial scandal, losing over 1.5 million euros due to alleged internal theft. The governing body, based in Monaco, discovered the theft through an audit and has since contacted judicial authorities in the UK and Monaco for a criminal investigation.

The organization has already terminated the contracts of one employee and a consultant, while another employee had already departed. World Athletics President Sebastian Coe has vowed to pursue legal action to recoup the losses, emphasizing the organization's commitment to transparency and good governance.

Coe stated, 'Too many organizations brush incidents like this under the carpet... We are not that type of organization.' The missing funds are significant, equating to more than half of last year's Olympic prize money for gold medalists, while the organization's 2024 revenue is projected to be $99.4 million, aided by Olympic earnings.