The UK Athletics (UKA) governing body has announced a record £3.7 million ($4.7 million) loss for the 2022-23 financial year.

Athletics’ premier one-day series, the Diamond League’s Birmingham race, lost the UKA about £800,000, while the World Indoor event lost £500,000.

Despite selling out July’s Diamond League in London, which was attended by over 50,000 fans, the UKA still lost between £100,000 and £500,000 from the event.

Additionally, the UKA has been without a title sponsor since losing Müller in 2022, and it lost its £3 million-a-year broadcast deal with the BBC at the end of 2020.

But UKA chair Ian Beattie calmed fears the organization was set to go bankrupt due to a contract extension with Nike for 2030 to 2040, with part of those funds being paid upfront.

He has predicted a loss of £1.6 million for the ongoing financial year but believes the organization will break even by 2025-26.

Beattie said: “We’re coming through a very tough period where revenues have just disappeared. We’ve lost sponsorship money and broadcasting money.

“The model hasn’t been changed quickly enough to reflect that. And then we’re left with a cost base that’s too high for the income coming in – being blunt. But we’re not having sleepless nights. Everybody’s working very hard to keep us resourced, and we’re moving in the right direction.

“We’ve closed the year with cash in the bank of £6.5 million. Now that’s going in quite the opposite direction from the accounting loss. And that was due exclusively to Nike. We renegotiated our agreement and they made a significant cash payment to us.”

Beattie also said that some GB athletes such as cross-country runners and teams at junior championships may have to find some of their own funding in the future. In contrast, British Olympic and Paralympic teams would not be affected in their preparations for Paris 2024.