Even before the outbreak of the corona virus, the economy of the International Sailing Union was under pressure. Large cost overruns had forced the borrowing from the Isle of Man reserve fund, and even then it would just be about the transfers from the IOC after the Tokyo Olympics.
This reserve fund, which was built up in Arve Sundheim’s time as secretary general, was the result of hard-fought financial management where no krone was spent before it was booked, and the IOC funds were carefully divided into five, with four parts distributed over the period between the Olympics, and the fifth part is set aside in a reserve fund.
This is no longer the case and the money spent by today’s board and general manager Andy Hunt has brought World Sailing to wherever it is now. Read on and thanks to Devo for the title inspiration.