Known as Hydrilla since September 2020 - see www.ausleisure.com.au/suppliers/hydrilla-pty-ltdread more
Olympics rescheduling sees AOC record $938,000 deficit
The Australian Olympic Committee (AOC) has advised that it has incurred a $938,000 deficit in its Annual Report for 2020, due to the impacts of COVID-19 and the postponement of the Tokyo Olympic Games from 2020 to 2021.
The report, covering the AOC's Centenary Year, was revealed in advance of its AGM in Sydney on 8th May.
Announcing the report, AOC President, John Coates, said the rationalising of expenditure and some activities in 2020 has helped reduce the potential deficit in preparation for the Olympics.
Coates stated "paradoxically, I will recall 2020 as the year when athletes stood tall and proved so much to the Australian community, to their sports, friends, and families.
“In the absence of the Games they had been striving for, they proved selfless, resilient, and determined to contribute to others in spite of their individual struggles."
Making further comment on the AOC’s finances, Coates added "it is important to note that we maintain a health balance sheet with $6.8 million in retained surpluses at the end of 2020.
“These surpluses will be available to meet the balance of expenditure for the Tokyo 2020 Games postponed to 2021.
“Testament to the astute stewardship of the Australian Olympic Foundation’s (AOF) Investment Advisory Committee, the Foundation finished the year with net assets totalling $170.4 million, remarkably, this figure is down only $1 million on the previous year,” Coates said.
Looking ahead to the next Olympic cycle, the AOC revealed the cash distribution to the AOC will be $6.81 million per year, compared to $6.25 million per year for the cycle leading up to 2020.
In the report, the AOC noted the retainment of all their sponsors and suppliers for the Australian Olympic team despite the postponement of the Olympics from 2020 to 2021, indicating all sponsorships were rolled over for another year at no additional cost for the sponsor group.
At the AGM, the AOC will also consider an amendment to its Constitution, ensuring Aboriginal and Torres Strait Islander representation on the AOC Athletes’ Commission.
If approved, the amendment will see at least one Aboriginal and one Torres Strait Island representative on the Commission, who will be elected by athletes competing at a summer or Winter Olympic Games, or directly by the AOC Executive if no Indigenous athletes were elected.
The Federal Government is considering whether to prioritise Australian athletes and their support staff in the COVID-19 vaccine rollout ahead of the Tokyo Olympics.
Discussions are underway between the AOC and the Federal Government about when and how to vaccinate the roughly 480 athletes and 500 support staff expected to attend the games in July.
Image courtesy of the Australian Olympic Committee.
22nd March 2021 - John Coates outlines ambition for 2032 Olympic Games in Brisbane
25th February 2021 - IOC names Brisbane as preferred host for 2032 Summer Olympic Games
23rd February 2021 - Reduced crowd numbers sees Australian Open anticipating $99 million loss
17th February 2021 - Year of ‘sacrifices’ sees AFL report $22.8 million loss
13th February 2021 - Queensland Academy of Sport swimmers fine-tune training for the Tokyo Olympics
22nd September 2020 - NRL announces ‘brutal’ job cuts as it looks to slash $50 million in costs
8th September 2020 - IOC’s Coates pledges that Tokyo Olympics will go ahead ‘with or without COVID’
29th April 2020 - Australian Olympic Committee celebrates centenary
19th March 2020 - Australian Olympic Committee continues planning for Tokyo 2020 Games
13th September 2019 - AOC’s Coates suggests Brisbane won’t need 80,000 seat stadium for Olympics hosting
9th July 2018 - Dual Olympian Daniel Kowalski takes on AOC role
28th April 2018 - AOC President Coates takes aim at rivals in AGM address
25th August 2017 - No change at AOC while John Coates remains in post
Asking a small favour
We hope that you value the news that we publish so while you're here can we ask for your support?
The news we publish at www.ausleisure.com.au is independent, credible (we hope) and free for you to access, with no pay walls and no annoying pop-up ads.
However, as an independent publisher, can we ask for you to support us by subscribing to the printed Australasian Leisure Management magazine - if you don't already do so.
Published bi-monthly since 1997, the printed Australasian Leisure Management differs from this website in that it publishes longer, in-depth and analytical features covering aquatics, attractions, entertainment, events, fitness, parks, recreation, sport, tourism and venues management.
Subscriptions cost just $90 a year.
Click here to subscribe.
The Complete Guide to Leisure Industry Products & Services.
We are the leading providers of kids fun multi-sports programs for Sport and Recreation Centres. Programs cover twelve common sports as well as Gross Motor Skill Development and suit children from as…read more
SPORTENG specialises in the Planning, Design and Construction inspection of Fields of Play for all sports. Blending engineering with the specialist knowledge gained from working closely with sport…read more
Our team believes floors should be beautiful, comfortable, and engineered for safety, even when wet. Life Floor tiles meet six unique performance based standards: slip-resistance, impact absorption,…read more
SLE Worldwide Australia is a Managing General Underwriter specialising in insuring risks in the world of Sports, Leisure and Entertainment. Be it relaxing, playing, organising or watching sports,…read more
INTRODUCTION Abel Sports is Australia’s leading manufacturer and suppliers of Goal Posts, sports ground safety netting systems and coaches boxes for Stadiums ,Sports Clubs, Councils and…read more
As of 2018, TicketServ operates as SeatGeek Asia Pacific Pty Limited, part of international ticketing platform SeatGeek. Click here to contact SeatGeek Asia Pacific via their entry in…read more
iDwala is the Community Sports Facility Specialist offering the highest quality designs and technical expertise to Councils, Schools and Sporting Clubs looking to create sporting…read more
get listed with our suppliers directory
Get your business noticed in our targeted directory. Viewed by 10,000 industry professionals per week!