As the COVID-19 pandemic continued to affect the ITTF in many ways for a second year in a row, there were significant improvements in the financial picture for the Federation. The ITTF leadership spoke with Member Associations to paint a clearer picture of where the ITTF is and its future.
ITTF President Petra Sörling and ITTF Executive President in charge of Finances Roland Natran greeted all participants, inviting them to be active and contribute to the webinar.
“Welcome to the Finance Forum! This is our first stop on the road to the ITTF Summit. We are organising this to give you the opportunity to prepare better and have a more comprehensive understanding of all the work the team achieved. Do not hesitate to raise your hands and to ask questions.” – Petra Sörling
ITTF Group Chief Executive Officer Steve Dainton thanked the Executive Committee for its support and introduced ITTF Group Chief Financial Officer Michael Brown, who presented an in-depth summary of the 2021 Financial Statements and an update on the current year.
Member Associations can download the Finance Forum presentation on the ITTF Summit portal
In 2021, ITTF realised revenue of US$20.2 million compared to US$14.6 million in FY2020, corresponding to a growth of 38%. Revenue was largely generated by the 2021 ITTF World Championships Finals in Houston, Texas, selling commercial rights through World Table Tennis, and the release of some of the Olympic Games revenue sharing for the ITTF.
The year also saw an increase in expenses from implementing events, projects, governance and regulatory expenses, as well as general and administrative expenses. Investments have also been made to deliver new events and new experiences to fans, while ensuring increases in prize money to athletes.
With modernisation efforts continuing, the cost of maintaining the day-to-day operations of the ITTF staff increased from the year prior as more and more operations took place in person. As such Brown explained that the Federation has run a deficit for the second year. However, such a deficit was expected and well under budgets presented in past Annual General Meetings.
“It’s important to share with our member associations the financial health of the federation as we start a new Olympic four-year cycle,” Brown said. “With the release of more Olympic revenue-sharing funds, and the expected growth of World Table Tennis, the future is looking brighter than ever for the ITTF Group. That’s what we hoped our Member Associations took away from this meeting.”
Moreover, with more and more events starting to take place, Brown said the ITTF expects to see continued growth in staffing and operations in general. Though the COVID-19 pandemic is still ongoing, it is hopeful that the end of this pandemic is in sight.