Sunday, July 21, 2024

FIH forecasts Pro League profit as Hockey World Cup helps build coffers

The International Hockey Federation has forecast posting an operational profit of 1 million CHF Swiss Francs (£884,000) for this year, the national governing body has announced.

According to a “comprehensive report” on FIH finances, the Pro League is also expected to show financial positives following additional income and reduced expenses.

“The final operational profit for 2022 is expected to be higher than the 500k CHF budgeted,” the FIH executive board was told.

“The FIH Hockey Pro League operational result is also positive by 129k for season 3 (2021-22) and is expected to amount to at least 150k for season 4 (2022-23). For 2023, the budget has been approved by the EB. The expected FIH financial result is an operational profit of 1m CHF , including 150k profit from the FIH Hockey Pro League.”

However, the FIH admitted that “to a large extent” the income generator for its overall finances was down to the upcoming Men’s World Cup in India.

THP revealed in 2021 that India has offered more than double profits than world champions Belgium in their bid to host the 2023 tournament.

While Hockey India has promised the FIH 3.5 million CHF (approximately £2.7 million) as ‘guaranteed profit’ from the event, Belgium could assure only 1 million Swiss Francs.

“The income-generation potential of each bid has played an important role in the decision,” FIH chief Thierry Weil said at the time.

A senior Hockey India official confirmed profits guaranteed to the FIH, saying it would be raised via sponsorships. The Odisha government had pumped in close to £45 million to host the 2018 edition in Bhubaneswar.

Following the FIH admission this week, it added that after two ‘difficult’ years, the Pro League finances remained ‘stable’ in 2020 and 2021.

The FIH exec board added that the publication of the audited accounts will now be done annually, rather than after their approval by the bi-annual Congress as is currently the case.

World hockey has received criticism in some quarters for not showing transparency in regards to its accounts posted online.

Meanwhile, the recent news that there would be more to play for in future Pro Leagues was also rubber-stamped ahead of this weekend’s Congress.

The winners of the Pro League in season 5 (2023/2024) and season 6 (2024/2025) will directly qualify for the 2026 Men’s and Women’s World Cups.

“If the winner of season 6 is already qualified in season 5, the runner-up in season 6 will be offered the direct qualification place,” the FIH added.

Total Hockey

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