FIA reveals financial turnaround based on robust governance and sustainability model

The FIA reported a significant turnaround in its financial status during the 2024 General Assemblies in Kigali, Rwanda.

Financial results to date for 2024 are marked by a significant reduction of the FIA’s operating costs driven by an increase in revenues and savings.

The improved operating status, confirmed during both World Council meetings in Kigali, shows a return to profitability despite a number of new initiatives.

The FIA forecasts an operating result of €2.2m in 2024 – a remarkable improvement given that it stood at €-24.0m in 2021. 

The forecast operating result would be the best of the last seven years and the first positive one since 2018.

This turnaround underlines the progress being made in bringing robust financial governance and efficiencies to the federation. A number of measures have been introduced to streamline the FIA’s accounting and reporting procedures to create a sustainable financial model.

This accomplishment is the product of a wide-ranging reform of the FIA introduced by the FIA President Mohammed Ben Sulayem. This included a fully independent financial audit of the FIA.

FIA President Mohammed Ben Sulayem said: “This achievement is a result of our commitment of reform of the organisation in the areas of governance and finance.

“The new FIA leadership inherited a financial situation which was not sustainable in 2022. We have worked hard to reduce a sizeable deficit and have stabilised the overall financial health of the federation.

“We have implemented cost-containment measures and revenue-generating strategies to put the FIA on a more sustainable financial footing to meet our primary purpose of supporting our Member clubs.”