The IAAF announced the planned cuts - which include $4 million in 2010 – in May, saying they were needed for the sport to weather the global financial crisis.
At last year's World Championships in Berlin the IAAF paid athletes $7.3 million in prize money, with each gold medalist winning $60,000. World record breakers received an additional $100,000 bonus.
“Following our last Council meeting, in Doha in March, the IAAF management took a hard look at the IAAF’s financial status in a time of economic uncertainty, with the aim to ensure that we could cut costs but also consider new revenue sources,” he said.
“I am delighted that the Council accepted that a great effort had been made, led by the treasurer Jean Poczubut and supported by each IAAF department, to reduce costs significantly. The important point is that we have done this without damaging the IAAF’s core business or fundamental projects which count as an investment in our future.”
The IAAF's financial situation has been eased by a two-year, $4 million deal with Samsung to sponsor the Diamond League signed in June. The deal is potentially worth more than $10 million if Samsung take up the year's option in the contract and extend the sponsorship until 2012, Diack added.
