International Triathlon Union President Marisol Casado received a 38 per cent pay raise last year ©Getty Images

The 2014 financial statements of the International Triathlon Union (ITU) have now been posted on the body’s website, revealing a $3.5 million (£2.4 million/€3.2 million) loss and a sizeable hike in remuneration for President Marisol Casado.

The accounts, published on December 18, disclose a 38 per cent advance in the President’s honorarium from $140,231 (£94,184/€128,255) in 2013 to $193,382 (£129,882/€176,879) last year.

Asked about the rise, which contrasted with an overall salary bill that actually edged down to $1.74 million (£1.17 million/€1.59 million), Antonio Arimany, the ITU’s director general, told insidethegames that an increase was proposed by the ITU’s Executive Board “to update the remuneration in accordance to the market” as Casado – an International Olympic Committee (IOC) member - is dedicated full-time to the ITU.

Congress then approved this increase to the 59-year-old Spaniard, President of the ITU since 2008, when approving the 2014 budget.

Arimany said the Executive Board had undertaken research into full-time Presidential positions at other International Sports Federations (IFs).

The $3.5 million (£2.4 million/€3.2 million)  loss, which compared with a loss of $2.2 million (£1.5 million/€2 million)  in 2013, is within the bounds of what is affordable for the ITU in a non-Olympic year.

Indeed, Arimany indicated that the body - which last year moved its headquarters from Canada to the Olympic capital of Lausanne - was predicting a first-ever net gain over the full four-year cycle.

The International Triathlon Union lost $3.5 million last year but is predicting a net gain over the four-year Olympic cycle ©Getty Images
The International Triathlon Union lost $3.5 million last year but is predicting a net gain over the four-year Olympic cycle ©Getty Images

The sport, which has gained profile in recent times as an activity favoured by affluent young professionals, currently receives some $15.3 million every four years as a result of its presence on the Olympic programme.

More than $2 million (£1.3 million/€1.8 million) of the ITU’s approximately $3 million (£2 million/€2.7 million) of revenue in 2014 was derived from sponsorship, with television and event fees generating a further $743,000 (£499,000/€680,000), down from $776,000 (£521,000/€710,000) in 2013.

On the expense side, $1.77 million (£1.19 million/€1.62 million) was absorbed by competitions and events, with over $1 million (£672,000/€915,000) earmarked for development.

Anti-doping-related expenses came to $240,482 (£161,542/€220,013) – around eight per cent of revenue – up from $224,351 (£150,706/€205,253).

When contacted early this month, in common with other Summer Olympic International Federations, over its policy regarding the publication of annual financial information, the ITU told insidethegames that “by the end of the year, we will include the last four years’ audited annual financial reports” on its website.

Sports bodies of all shapes and sizes are coming under pressure to be more transparent, as a consequence of the money that has flooded into the sector in recent times and the crises that have engulfed both FIFA and the International Association of Athletics Federations.