World Athletics announces $1.7 million in systematic corporate theft

World Athletics announced two employees and one consultant stole €1.5 million ($1.7 million) in a systematic corporate theft.

The theft was uncovered earlier this year after the governing body conducted its first annual audit under a new financial leadership team. One of the employees left the organization before the theft was discovered. The remaining employee and consultant were terminated following an internal investigation.

World Athletics generated $58.9 million of revenue in 2024 before receiving its Olympic Dividend of $39.6 million. The $1.7 million of corporate theft accounts for nearly 3% of generated revenue before Olympic Dividends were received.

“Unfortunately, corporate theft happens in organization around the world and across all industry sectors at different levels,” Coe said.

He added the most important thing is to identify the theft, how it was able to happen, and prevent it from happening again in the future. Coe intends to use the “full force of the law” to recover lost money. “Detailed cases” have been created and shared with proper authorities for criminal investigations.

“Too many organisations brush incidents like this under the carpet,” Coe said, “terminating employment with limited information which allows perpetrators to continue their scams and thefts within new organisations. We are not that type of organisation.”

World Athletics conducted an independent forensic accounting review of the time period when the money was stolen. No other fraudulent activity was found. 

Enhanced financial controls are being introduced across the organization following the theft. World Athletics did not release names of the people involved or methods used to steal the money.