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Diamond League: UK Sport and UK Athletics are in discussion about the London meet in July

Posted : 12 May 2023
UK Sport and UK Athletics (UKA) are in discussions on the "possibility of providing some investment" for the Diamond League event taking place in London in July.
 
No decision has yet been taken, but negotiations are underway, the financing organization stated.
 
The financing organization was requested for assistance by the governing body of track and field with its signature event at the London Stadium due to budgetary issues.
 
Ten years after the sport gained prominence during the London 2012 Olympics, UKA announced in December that it earned a £1.8 million yearly deficit.
 
Savings were now at $430,000, down from £2.2 million.
 
It has been disclosed that the event could cost UKA £500,000 due to the costs of prize money, travel, and appearance fees, despite the organization hoping that more than 40,000 tickets will be sold for the Diamond League meeting, which will be the first to take place at the London Stadium in four years. According to the Daily Mail, it has submitted an application for UK Sport funding in the maximum sum of £300,000.
 
Along with the effect of Covid on ticket sales, UKA's broadcast and advertising income have sharply decreased in recent years, and the organisation lost Muller as its main event sponsor.
 
With five chief executives and six chairs over five years, the cost of hosting events has increased, and there has been tremendous upheaval in its senior leadership. Jack Buckner, the current CEO of UKA, acknowledged a "very substantial difficulty" with money.
 
Despite twice hosting the Commonwealth Games and the World Athletics Championships in Britain since London 2012, UKA recently made the decision to close its administrative offices at Birmingham's Alexander Stadium in an effort to reduce rent. Staff members were also asked to work from home due to concerns about going out of business.
 
It has also given consideration to settling its lengthy deal to use London Stadium. Millions of pounds may be raised through such a sale.
 
In an effort to try to offer financial help, the London Marathon said last month that it was in discussions with the governing body.

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