{"id":2457044,"date":"2020-04-10T20:56:00","date_gmt":"2020-04-11T02:56:00","guid":{"rendered":"https:\/\/www.aspentimes.com\/news\/cycling-bodys-finances-hit-by-lost-races-delayed-olympics\/"},"modified":"2020-04-10T20:56:00","modified_gmt":"2020-04-11T02:56:00","slug":"cycling-bodys-finances-hit-hard-by-lost-races-delayed-olympics-due-to-virus","status":"publish","type":"post","link":"https:\/\/alwaysmountaintime.com\/kspn\/local-news\/cycling-bodys-finances-hit-hard-by-lost-races-delayed-olympics-due-to-virus\/","title":{"rendered":"Cycling body\u2019s finances hit hard by lost races, delayed Olympics due to virus"},"content":{"rendered":"<div class=\"swift-gallery p402_hide\" readability=\"6.8664710198092\">\n<ul id=\"imageGallery-324200-561\" class=\"gallery list-unstyled gallery-container\">\n<li data-thumb=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-150x150.jpg\" data-src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1024x683.jpg\" data-sub-html=\"AP | AP | FILE - In this file photo taken on July 26, 2019 spectators along the road applaud the riders during the nineteenth stage of the Tour de France cycling race between Saint Jean De Maurienne and Tignes. Swarms of fans clog the city streets, winding roads and soaring mountain passes of the Tour de France during cycling's three-week showpiece. But unlike almost every other major sporting event it has yet to be called off because of the coronavirus and the start date remains June 27. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Thibault Camus, File)\" class=\"swift-gallery-slide h-100\" readability=\"2.5\">\n<div class=\"caption\" readability=\"16\">\n<p><strong>FILE &#8211; In this file photo taken on July 26, 2019 spectators along the road applaud the riders during the nineteenth stage of the Tour de France cycling race between Saint Jean De Maurienne and Tignes. Swarms of fans clog the city streets, winding roads and soaring mountain passes of the Tour de France during cycling&#8217;s three-week showpiece. But unlike almost every other major sporting event it has yet to be called off because of the coronavirus and the start date remains June 27. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Thibault Camus, File)<\/strong><br \/>AP | AP<\/p>\n<\/div>\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\"> <a href=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1024x683.jpg\"> <img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1024x683.jpg\" data-no-lazy=\"1\" alt=\"FILE - In this file photo taken on July 26, 2019 spectators along the road applaud the riders during the nineteenth stage of the Tour de France cycling race between Saint Jean De Maurienne and Tignes. Swarms of fans clog the city streets, winding roads and soaring mountain passes of the Tour de France during cycling's three-week showpiece. But unlike almost every other major sporting event it has yet to be called off because of the coronavirus and the start date remains June 27. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Thibault Camus, File)\"><\/a><\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1-150x150.jpg\" data-src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1-1024x683.jpg\" data-sub-html=\"AP | AP | A woman with protective mask walks on a street Thursday, April 9, 2020, in Tokyo. Japanese Prime Minister Shinzo Abe declared a state of emergency last Tuesday for Tokyo and six other prefectures to ramp up defenses against the spread of the coronavirus. (AP Photo\/Eugene Hoshiko)\" class=\"swift-gallery-slide h-100\" readability=\"0.5\">\n<div class=\"caption\" readability=\"12\">\n<p><strong>A woman with protective mask walks on a street Thursday, April 9, 2020, in Tokyo. Japanese Prime Minister Shinzo Abe declared a state of emergency last Tuesday for Tokyo and six other prefectures to ramp up defenses against the spread of the coronavirus. (AP Photo\/Eugene Hoshiko)<\/strong><br \/>AP | AP<\/p>\n<\/div>\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\"> <a href=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1-1024x683.jpg\"> <img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-1-1024x683.jpg\" data-no-lazy=\"1\" alt=\"A woman with protective mask walks on a street Thursday, April 9, 2020, in Tokyo. Japanese Prime Minister Shinzo Abe declared a state of emergency last Tuesday for Tokyo and six other prefectures to ramp up defenses against the spread of the coronavirus. (AP Photo\/Eugene Hoshiko)\"><\/a><\/div>\n<\/div>\n<\/li>\n<li data-thumb=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-2-150x150.jpg\" data-src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-2-1024x683.jpg\" data-sub-html=\"AP | AP | A man wearing a protective face mask walks near the Tokyo 2020 Olympics Thursday, April 2, 2020, in Tokyo. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Eugene Hoshiko)\" class=\"swift-gallery-slide h-100\" readability=\"2.5\">\n<div class=\"caption\" readability=\"16\">\n<p><strong>A man wearing a protective face mask walks near the Tokyo 2020 Olympics Thursday, April 2, 2020, in Tokyo. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Eugene Hoshiko)<\/strong><br \/>AP | AP<\/p>\n<\/div>\n<div class=\"row no-gutters h-100\">\n<div class=\"col my-auto\"> <a href=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-2-1024x683.jpg\"> <img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/04\/Virus_Outbreak_Tour_de_France_Still_On___97738-129b92-2-1024x683.jpg\" data-no-lazy=\"1\" alt=\"A man wearing a protective face mask walks near the Tokyo 2020 Olympics Thursday, April 2, 2020, in Tokyo. The new coronavirus causes mild or moderate symptoms for most people, but for some, especially older adults and people with existing health problems, it can cause more severe illness or death. (AP Photo\/Eugene Hoshiko)\"><\/a><\/div>\n<\/div>\n<\/li>\n<\/ul>\n<p class=\"caption-toggle\"><a href=\"https:\/\/www.aspentimes.com\/sports\/cycling-bodys-finances-hit-by-lost-races-delayed-olympics\/#\" class=\"show-captions\">Show Captions<\/a><a href=\"https:\/\/www.aspentimes.com\/sports\/cycling-bodys-finances-hit-by-lost-races-delayed-olympics\/#\" class=\"hide-captions\">Hide Captions<\/a><\/p>\n<\/div>\n<p class=\"STND-STND BriefText\">GENEVA \u2014 The International Cycling Union took \u201csome drastic action\u201d on Thursday to cut costs amid a revenue shortfall from hundreds of events canceled or postponed during the coronavirus pandemic, including the Tokyo Olympics.<\/p>\n<p class=\"STND-STND BriefText\">Cycling\u2019s financial outlook is among the bleakest revealed by an Olympic sport\u2019s governing body since the Tokyo Games were rescheduled to 2021.<\/p>\n<p class=\"STND-STND BriefText\">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.<\/p>\n<p class=\"STND-STND BriefText\">\u201cOur international federation is going through a crisis that we haven\u2019t experienced since the Second World War,\u201d Lappartient said.<\/p>\n<div class=\"row\">\n<div class=\"col\">\n<div class=\"row at-donation at-donation-mobile p-0\">\n<div class=\"col-xl-4 p-2\">\n<div data-bg=\"url(https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png)\" class=\"p-0 mt-2 mb-2 h-75 text-center rocket-lazyload\"><img decoding=\"async\" src=\"https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/AT-logo-white.png\" class=\"logo m-0 p-0 invisible\"><\/div>\n<\/div>\n<div data-bg=\"url(https:\/\/cdn.aspentimes.com\/wp-content\/uploads\/sites\/5\/2020\/03\/at-banner-paypal.jpg)\" class=\"col-xl-8 p-3 text-center rocket-lazyload\">\n<h3 class=\"d-inline mr-3\">Support Local Journalism<\/h3>\n<p><button class=\"btn d-inline\" type=\"button\"><a href=\"https:\/\/www.aspentimes.com\/donate\/?utm_source=article&amp;utm_medium=website&amp;utm_campaign=donation&amp;utm_term=&amp;utm_content=mid-article\">Donate<\/a><\/button><\/div>\n<\/div>\n<p><\/div>\n<\/div>\n<p class=\"STND-STND BriefText\">The 28 core Summer Games sports were due to share at least $540 million from the IOC in Tokyo Olympic revenues.<\/p>\n<p class=\"STND-STND BriefText\">The UCI reported getting 25 million Swiss francs ($25.75 million) from the 2016 Rio de Janeiro Olympics. It could have expected the same or more in 2020 for organizing 22 medal events in road and track events, mountain biking and BMX. Now the UCI warns the one-year delay in Tokyo \u201cwill lead to a considerable loss of earnings.\u201d<\/p>\n<p class=\"STND-STND BriefText\">\u201cWe need to anticipate both a possible postponement \u2014 to 2021 \u2014 of the payment of Olympic revenues initially expected in the second semester of 2020, and a probable reduction of the sum paid to the International Federations,\u201d the cycling body said.<\/p>\n<p class=\"STND-STND BriefText\">The IOC said last week it was too early to comment on possible financial plans with the governing bodies.<\/p>\n<p class=\"STND-STND BriefText\">For the UCI, hosting and registration fees paid by race organizers including world championships added up to 45% of its 181 million Swiss francs ($187 million) revenue from 2015-18, according to its most recent accounts.<\/p>\n<p class=\"STND-STND BriefText\">The UCI said it will reimburse registration fees paid for races later canceled. It has received \u201cmore than 650 requests\u201d to postpone or cancel events through August.<\/p>\n<p class=\"STND-STND BriefText\">However, the Tour de France is still due to start June 27 and the Sept. 20-27 road world championships, racing past UCI headquarters in Aigle, \u201cwould appear to be safe.\u201d<\/p>\n<p class=\"STND-STND BriefText\">The UCI\u2019s financial reserves \u2014 about 45 million Swiss francs ($46.5 million) in its accounts for 2018 \u2014 are also taking a hit.<\/p>\n<p class=\"STND-STND BriefText\">\u201cOur asset portfolio has suffered from the effects of the pandemic on the financial markets, combined with the collapse of oil prices,\u201d the governing body said.<\/p>\n<p class=\"STND-STND BriefText\">The UCI is likely to be eligible for financial help, including interest-free loans, in an emergency program approved last month by the Swiss federal government.<\/p>\n<p><a href=\"https:\/\/www.aspentimes.com\/sports\/cycling-bodys-finances-hit-by-lost-races-delayed-olympics\/\" target=\"_blank\" rel=\"noopener noreferrer\">via:: The Aspen Times<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>FILE &#8211; In this file photo taken on July 26, 2019 spectators along the road applaud the riders during the nineteenth stage of the Tour de France cycling race between Saint Jean De Maurienne and Tignes. Swarms of fans clog the city streets, winding roads and soaring mountain passes of the Tour de France during [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49],"tags":[],"class_list":["post-2457044","post","type-post","status-publish","format-standard","category-local-news"],"acf":[],"publishpress_future_action":{"enabled":false,"date":"2026-08-18 04:53:43","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"distributor_meta":false,"distributor_terms":false,"distributor_media":false,"distributor_original_site_name":"KSPN The Valley&#039;s Quality Rock","distributor_original_site_url":"https:\/\/alwaysmountaintime.com\/kspn","push-errors":false,"_links":{"self":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457044","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/comments?post=2457044"}],"version-history":[{"count":0,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/posts\/2457044\/revisions"}],"wp:attachment":[{"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/media?parent=2457044"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/categories?post=2457044"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/alwaysmountaintime.com\/kspn\/wp-json\/wp\/v2\/tags?post=2457044"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}