GENEVA (AP) — The International Cycling Union took “some drastic action” on Thursday to cut costs amid a revenue shortfall from hundreds of events canceled or postponed during the coronavirus pandemic, including the Tokyo Olympics.
Cycling’s financial outlook is among the bleakest revealed by an Olympic sport’s governing body since the Tokyo Games were rescheduled to 2021.
UCI president David Lappartient and other managers have reduced salaries and allowances, and all 130 employees at its Swiss headquarters and training center are on full or partial furlough.
“Our international federation is going through a crisis that we haven’t experienced since the Second World War,” Lappartient said.