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International Association of Athletics Federations (IAAF) in hunt for $25 million sponsorship payment from Russian bank

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International Association of Athletics Federations (IAAF) in hunt for $25 million sponsorship payment from Russian bank

Post by Admin on Sat Jan 16, 2016 8:37 pm

International Association of Athletics Federations (IAAF) President Sebastian Coe has promised to investigate the whereabouts of a sponsorship worth $25 million (£17 million/€23 million) supposedly paid to the world governing body by a Russian bank.

According to the report published yesterday by World Anti-Doping Agency Independent Commission report, the payment from VTB Bank was made in 2012 following a meeting between officials including Papa Massata Diack, the son of former IAAF President, Lamine, All Russia Athletic Federation (ARAF) President Valentin Balakhnichev and an unnamed Russian television advisor.

The $25 million sponsorship deal was reportedly because Lamine Diack was unhappy that Russian television had paid only $6 million (£5.5 million/€4 million) to screen the 2013 IAAF World Championships in Moscow.

"If the foregoing information on the awarding of the Championships and the sponsorship agreement is true; then, the IAAF should undertake a forensic examination of the relationship and how the rights were awarded to determine whether there were any improprieties," claimed the Commission.......



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