KIEV, Ukraine (AP) — The international track and field association says it is slashing spending to stave off financial problems as a result of the economic crisis.
IAAF President Lamine Diack said Sunday the organization decided to cut expenses after a meeting in Doha in March, when treasurer Jean Poczubut presented a bleak view of its finances.
Despite the decision, Diack says “we are very far from being in a difficult economic situation.”
The budget deficit for 2010, which had been forecast at $16 million, is now around $9 million after the cuts and a deal sealed in June with electronics giant Samsung to sponsor the Diamond League meets. That deal is said to be worth around $6 million over two years, with the option of extending for a third year.
