The International Hockey Federation (FIH) lost more than CHF633,000 (£519,000/$715,000/€589,000) in 2019, more than doubling its 2018 deficit.
While the latest figure pre-dates the devastating spread of COVID-19, it comes as little surprise.
A note in the 2018 accounts warned of “an important negative result in 2019”.
This was attributed to the FIH Pro League, a “first-of-its-kind global home and away league”, which was launched in January 2019.
The cost of getting such a competition off the ground meant, the note said, that it was “not foreseen to have a positive financial result…or even a break-even in year one”.
Moreover, “TV production costs were underestimated while, at the same time, revenues from broadcasting deals were overestimated”.
More detailed consequences of this mistake are now visible, with the new 2019 accounts indicating the Pro League produced a deficit of just over CHF1.5 million (£1.2 million/$1.7 million/€1.4 million) over the course of the year.
Income was put at CHF1.98 million (£1.6 million/$2.2 million/€1.8 million), divided between sponsorship, which yielded CHF1.13 million (£925,000/$1.28 million/€1 million) and TV rights – just under CHF850,000 (£697,000/$960,000/€790,000).
Expenses totalled CHF3.48 million (£2.85 million/$3.9 million/€3.2 million).
This included CHF1.1 million (£900,000/$1.2 million/€1 million) labelled “TV & Broadcast”.
The federation as a whole is reporting total operating income of just over CHF11 million (£9 million/$12.4 million/€10.2 million).
This is down approximately CHF2.5 million (£2 million/$2.8 million/€2.3 million) from the previous year.
Well over half of this 2019 income – CHF6.25 million (£5.1 million/$7 million/€5.8 million) – came from the International Olympic Committee (IOC).
Total operating expenses were also down – from CHF13.3 million (£10.9 million/$15 million/€12.4 million) in 2018 to CHF11.7 million (£9.6 million/$13.2 million/€10.9 million).
More than CHF1 million (£820,000/$1.1 million/€930,000) of this reduction was shaved from Corporate & Directorate costs.
Payroll and fees dipped more than CHF400,000 (£328,000/$452,000/€372,000) to just over CHF5 million (£4.1 million/$5.65 million/€4.65 million), while office costs were slashed by close to CHF300,000 (£245,000/$340,000/€280,000).
It was noted that office rent of CHF200,000 (£164,000/$226,000/€186,000) was “waived by the Foundation in 2019”.
The CHF633,000 (£519,000/$715,000/€589,000) loss came after a loss on receivables of some CHF455,000 (£373,000/$514,000/€423,000).
This was said to be “referring to TV and Media Rights from 2017 and 2018”.
There was also more than CHF476,000 (£390,000/$538,000/€443,000) of extraordinary income.
This was said to be “composed by write-off of unapproved payable documents from 2017 and 2018”.
The balance-sheet shows that the federation’s assets had dwindled to CHF7.34 million (£6 million/$8.3 million/€6.8 million) at the end of 2019, compared with CHF9.67 million (£7.9 million/$10.9 million/€9 million) a year earlier.
Cash was down slightly year-on-year to CHF4.47 million (£3.7 million/$5 million/€4.15 million).
Since then, the federation is known to have received a loan, of unstipulated size and terms, from the IOC.
The accounts conclude by stating: “FIH Budgets for 2020 to 2022 are secured and show an important profit in 2022, following the FIH World Cups.”
The 2019 figures may be the last annual accounts to enter the public domain before the FIH Congress in May.
This is when Narinder Batra’s current – extended – term as FIH President is scheduled to expire.
It is not yet clear whether the Congress will be able to take place in New Delhi as planned, or indeed whether Batra, assuming he seeks a new term, is likely to face a challenger.