Menu
Finance

British Cycling's Budget For 2020 Games Cut By $5M Despite Strong Performance In Rio

British Cycling has had its budget cut by more than £4M ($5M) for the 2020 Olympic Games, despite being dubbed the "medal factory" for its performance in Rio this summer, "and five other sports have lost all UK Sport funding," according to Paul McClean of the FINANCIAL TIMES. Badminton, archery, fencing, weightlifting and wheelchair rugby have all lost their funding from UK Sport, which receives money from the U.K. government and National Lottery, while the budget for British Cycling was cut from £30.3M ($38M) to £26M ($32.7M). British cyclists collected 12 medals this summer, including six Golds, but UK Sport said that it had to "allocate funding to achieve the maximum number of medals across all sports." Hockey, athletics, shooting and swimming all received increased funding. UK Sport CEO Liz Nicholl said, "We would like to invest in every sport but the reality is that we have to prioritize within agreed resources to protect and enhance the medal potential within the system" (FT, 12/9). In London, Ben Bloom reported British Cycling received "a stark warning that it could have its central funding withdrawn unless it gets its house in order" after a series of governance problems. The organization "has endured a tumultuous few months," which saw former Technical Dir Shane Sutton "quit his role after a six-month internal review into his conduct." Amid such a "chaotic backdrop," UK Sport announced that its £26M support over the next four years will be "heavily conditioned" on British Cycling demonstrating that is has an "appropriate culture for an elite sport." UK Sport Chair Rod Carr said, "There are governance issues that have been well reported. If the outcomes [of the various investigations] are such that we, as the government investment agency, need to take some action then we will do" (TELEGRAPH, 12/9).

SBJ Morning Buzzcast: May 3, 2024

Seismic change coming for NCAA? Churchill Downs rolls out major premium build out and Jeff Pash, a key advisor to Roger Goodell, steps down

Learfield's Cory Moss, MASN/ESPN's Ben McDonald, and Canelo

On this week’s pod, SBJ’s Austin Karp has two Big Get interviews. The first is with Learfield's Cory Moss as he talks about his company’s collaboration on EA Sports College Football. Later in the show, we hear from MASN/ESPN baseball analyst Ben McDonald on how he sees the college and professional baseball scene shaking out. SBJ’s Adam Stern shares his thoughts on the upcoming Canelo-Mungia bout on Prime Video and DAZN.

SBJ I Factor: Molly Mazzolini

SBJ I Factor features an interview with Molly Mazzolini. Elevate's Senior Operating Advisor – Design + Strategic Alliances chats with SBJ’s Ross Nethery about the power of taking chances. Mazzolini is a member of the SBJ Game Changers Class of 2016. She shares stories of her career including co-founding sports design consultancy Infinite Scale career journey and how a chance encounter while working at a stationery store launched her career in the sports industry. SBJ I Factor is a monthly podcast offering interviews with sports executives who have been recipients of one of the magazine’s awards.

Shareable URL copied to clipboard!

https://www.sportsbusinessjournal.com/Global/Issues/2016/12/12/Finance/British-Cycling.aspx

Sorry, something went wrong with the copy but here is the link for you.

https://www.sportsbusinessjournal.com/Global/Issues/2016/12/12/Finance/British-Cycling.aspx

CLOSE