IOA Expresses "Deep Concern" Over Financial Repercussions Due To Withdrawal Of Olympic Solidarity Grant

The Indian Olympic Association (IOA) expressed its "deep concern" over the "severe financial repercussions" caused by the alleged failure of the IOA Treasurer, Sahdev Yadav, to file the necessary annual financial reports, despite repeated reminders from the International Olympic Committee (IOC). The Olympic Solidarity grants, a vital source of funding for athlete development programs and sports initiatives, were withheld due to non-compliance in submitting the financial reports, a responsibility solely within the purview of the treasurer. "This lapse shall significantly impact the IOA's ability to provide the necessary financial support to Indian athletes, threatening their preparation and performance for upcoming international competitions," the IOA stated in a press release on Friday.

"This negligence will result in the IOA losing out on critical Olympic Solidarity grants for the past few years, dealing a major blow to the IOA's efforts to support Indian athletes," it added.

The body stated that its president PT Usha has been persistently seeking the Executive Committee (EC) ratification of the appointment of Mr Raghuram lyer, Chief Executive Officer (CEO) since January 2024 and an expansion of the administrative staff to enhance the organization's accountability, transparency, and operational efficiency.

"The recent failures in financial management further highlight the need for these critical reforms. Dr. Usha has reiterated that a robust administrative framework is essential to ensure that the IOA fulfils its duties to the athletes, stakeholders, and the wider sporting community," the IOA added.

In another development, the IOC Executive Board, during its meeting on October 8, expressed grave concerns over "the