It was a year of deficit for World Aquatics, but the deficit was much less than the world’s governing body of swimming anticipated.
According to an Inside the Games report, World Aquatics posted a loss of $16.4 million for 2022. On the heels of the COVID-19 pandemic and during the Russian-Ukraine conflict, the deficit could have been much worse.
The report stated that the actually financial loss/spending was $12.3 million despite an anticipated total of $15.5 million that World Aquatics projected seven months ago.
World Aquatics Treasurer Dale Neuburger wrote in his report that the future looks much brighter with two world championships and the Olympics in the next year and a half, which according to his report, would generate an estimated $29.9 million.
The annual income was $43 million for 2022, down from $57.4 million in 2021, according to the report. The expenses ended up at $47 million.
The development program saved $3.3 million, while $3.5 million in event revenues were gained late in the year, according to the report, as well as a settlement for nearly $4 million as part of a termination agreement with a sponsor.
Having to switch multiple events from Kazan, Russia, to other venues was costly, but also brought in a combined $12 million from the events moved to Budapest and Melbourne.
Prize money of $11.7 million went to athletes last year. Administrative expenses dropped from $9.1 million to $7.9 million, thanks in part to World Aquatics President Husain Al Musallam not taking an income.
The organization also sustained legal costs having to do with an anti-trust litigation involving the International Swimming League.