KEIR RADNEDGE REPORTS World Athletics, the global governing body for track and field, has been thrust into crisis after the revelation of a large-scale corporate theft operation that may have siphoned off millions of dollars over several years.

An internal audit, launched earlier this year after irregularities were detected in financial statements, uncovered what officials have described as a “sophisticated and prolonged misappropriation of funds” involving former senior administrators and external contractors.

According to sources close to the investigation, the embezzlement is believed to have occurred between 2019 and 2024, with falsified invoices and shell companies used to disguise unauthorized transfers.

World Athletics President Sebastian Coe confirmed the discovery in a press briefing on Thursday, calling it “a serious breach of trust and governance.” Coe added “We are deeply disappointed that the integrity of our organization has been compromised. Every dollar lost is a dollar that should have gone to the athletes and the development of our sport.”

Preliminary estimates suggest that as much as $4.6m may have been diverted from development programs, event organization budgets, and sponsorship revenues.

The organization has hired an independent forensic accounting firm to conduct a full review of its financial systems, while several individuals have been suspended pending further investigation.

The Monaco-based body has also referred the matter to international law enforcement agencies, including Interpol, amid suspicions that the scheme involved cross-border money laundering. A statement from World Athletics’ Ethics Board said it was working “to ensure that all responsible parties are held fully accountable.”

Athletes and national federations have expressed shock at the revelations. “We put our trust in these institutions to support athletes, not to enrich a few,” said American sprinter Noah Lyles on social media. “Transparency must come first.”

Sponsors are also monitoring the situation closely, with some reportedly reviewing their partnerships pending the outcome of the investigation. Analysts warn that the scandal could have lasting reputational damage for a sport still rebuilding its image after years of doping and governance controversies.

Coe sought to reassure the athletics community that sweeping reforms are on the way. “This is a wake-up call,” he said. “We will rebuild systems, restore confidence, and ensure World Athletics remains a beacon of integrity in global sport.”

The investigation is ongoing, with a full report expected early next year.

World Athletics statement

Earlier this year World Athletics uncovered the systematic theft of money from the organisation by two employees and a contracted consultant.

While one of the employees left the organisation before their theft was discovered, another employee and a consultant had their contracts terminated following an internal investigation.

Detailed cases have been prepared and handed over to the relevant judicial and legal authorities for criminal investigation.

The theft, which totalled just over €1.5m over a period of several years, was discovered by World Athletics’ finance department during the first annual auditing process under a new financial leadership team.

World Athletics instructed an independent forensic accounting review of the period to supplement its own internal investigation and no other fraudulent activity was found. A set of enhanced internal financial controls are being introduced across the organisation.

Commenting on the theft, World Athletics President Sebastian Coe said: “Unfortunately, corporate theft happens in organisations around the world and across all industry sectors at different levels. The most important thing is to identify it, review how it was able to happen and then introduce new processes and enhanced controls to ensure it doesn’t happen again. This is what we have done.

“We are also determined to recover whatever monies we are able using the full force of the law to do this. Too many organisations brush incidents like this under the carpet, terminating employment with limited information which allows perpetrators to continue their scams and thefts within new organisations. We are not that type of organisation.

“We have built a strong reputation for good governance, transparency and for defending what is right, even if it is sometimes a little uncomfortable. This is uncomfortable but it is important that we do the right thing.”

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