The International Paralympic Committee (IPC) has published its financial report for 2018, showing that both revenues and expenditures surpassed €24m ($27m/£20.1m) for the year.
The report is the IPC’s first to cover the IPC’s major new collaboration agreement with the International Olympic Committee, which runs from 2018 to 2032. According to the report, that agreement helped to contribute to a doubling of revenues from grants and other extraordinary income to just over €5m, with overall revenues growing 10.6 per cent.
Expenses, meanwhile, were up 10.7 per cent, to €24.1m, largely attributed to a doubling of expenditure on medical and scientific research activities, to €774,000, and rising staff costs, which reached nearly €4.5m, due to an increased headcount.
The report also marks the first full year in office for IPC president Andrew Parsons. In the report, Parsons hailed the IOC agreement as the stand out moment “in a year of many highlights”.
“When I was elected IPC President, my number one priority was to strengthen the IPC’s relationship with the IOC and secure the future of the IPC and the Paralympic Movement,” Parsons added. “The agreement signed in March 2018 and runs through until at least 2032 does just that.”
The collaboration, which effectively means IOC and IPC sponsorship rights are sold collectively, is expected to drastically increase the IPC’s commercial revenue potential.
In 2016, for instance, the IPC earned €4.2m ($4.8m) from sponsorship and fundraising, a figure dwarfed by the IOC’s $409m in the same year, but since the signing of the deal, sponsors Visa, Allianz and Bridgestone have synchronised their partnerships with the IOC and IPC. According to SportBusiness Sponsorship data, Bridgestone will pay about $10m (€8.8m) over six years, from 2019 to 2024.
Speaking to SportBusiness at the time, Parsons said the deal would offer “long-term institutional, financial and commercial stability” to the IPC.
The IPC also revealed a new-look brand identity over the weekend. The body’s Agitos logo has been redesigned and recoloured, and a new slogan – “change starts with sport” – has been introduced in order to better reflect the IPC’s purpose and “recognise its transformational impact in changing the world for the better,” said Craig Spence, chief marketing and communications officer at the IPC.
The IPC is currently preparing for its 19th General Assembly, which is set to take place in the organisation’s home city of Bonn, Germany on 26 and 27 October.