The International Ski and Snowboard Federation (FIS) is facing a financial crisis, with projections showing depletion of cash reserves by 2028. To tackle this issue, the governing body has implemented a rescue plan that includes job cuts and the introduction of new events to improve financial stability.
The recent meetings outlined the rescue plan aimed at avoiding expected annual losses of 20 million Swiss francs ($24 million US). The election of Alexander Ospelt as the new FIS president by a narrow margin highlighted concerns over spending during the previous presidency of Johan Eliasch.
In response to the financial challenges, the FIS has closed its office in Munich and reduced race prize money subsidies initiated during the COVID-19 pandemic. The restructuring efforts are part of a broader financial reset strategy for the organization overseeing various skiing disciplines.
Top earners from the World Cup races last winter included alpine skiing stars Marco Odermatt and Mikaela Shiffrin. However, changes in FIS funding, no longer sustainable, impacted prize money distributions.
To address the financial strain, Urs Lehmann, FIS’s interim secretary general, emphasized the importance of expanding competitions to increase athlete prize money. The addition of extra world championships during the current Olympic cycle aims to bolster revenue streams.
Despite a significant decline in equity reserves, the FIS is striving to double total revenue by 2029. To achieve financial stability, the organization has made tough decisions, including staff reductions and cost-cutting measures.
While long-term contracts limit immediate changes, Lehmann remains optimistic about the FIS’s future, stressing the need for unity within the organization to overcome the current financial challenges.
