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IAAF says financial situation is improving

| November 21, 2010 8:00 PM

MONACO (AP) - Track and field's governing body said Friday it has stabilized its financial situation and promised strict financial control in the coming years.

The IAAF council, meeting in Monaco this weekend, said in a statement that cost cutting and new sources of revenues will ensure that the IAAF reserves in 2015 would be higher than at the end of 2011.

The council said "the IAAF reserves in the long term would be in excess of the minimum level agreed of $50 million for the next five years."

The IAAF said in August the budget deficit for 2010, which had earlier been forecast at $16 million, was around $9 million thanks to cuts in spending and a deal with electronics giant Samsung to sponsor the Diamond League meets.

The IAAF's finances had been hit by the economic crisis and a drop in television revenue when a long-term deal with the European Broadcasting Union ended at the end of 2009. The IAAF subsequently signed a significantly smaller deal with Stockholm-based IEC.

The body said Friday it recently sealed TV deals for its competitions for broadcast in Norway, Sweden, Finland, Greece, Czech Republic, Portugal, Slovenia and Cyprus.

The council also announced that the Gateshead Diamond League meet will be moved to Birmingham starting next year and decided that athletes from the Netherlands Antilles will now represent the Netherlands.

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