The International Fencing Federation expects to dip heavily into its reserves this year and next, with a draft budget projecting no donations ©Getty Images

The International Fencing Federation (FIE) expects to dip heavily into its reserves this year and next, according to a new draft budget circulated ahead of next month’s Ordinary Congress in Lausanne.

The single-page document indicates that projected revenues for 2023 are forecast to cover less than CHF600,000 (£522,000/$600,000/€610,000) of the body’s expected CHF7.43 million (£6.6 million/$7.43 million/€7.55 million) in overall expenses.

The remaining CHF6.83 million (£6 million/$6.83 million/€6.9 million) - equivalent to more than 90 per cent - is earmarked to come from "Other financial resources (reserve)".

The equivalent figure for 2022 is put at CHF5.19 million (£4.6 million/$5.19 million/€5.3 million), giving an aggregate of more than CHF12 million (£10.6 million/$12 million/€12.2 million) for the two years.

The figures underline once again how dependent the FIE has become on the largesse of Alisher Usmanov, the Russian businessman who suspended the exercise of his duties as FIE President last March.

This was after the European Union (EU) imposed economic sanctions on him and other individuals over Russia's invasion of Ukraine.

Usmanov has described the EU decision as "unfair".

The 2023 FIE draft budget includes nothing in the "Donations" column.

This is down from CHF5 million (£4.4 million/$5 million/€5.1 million) in 2022 and an estimated CHF90 million (£79.8 million/$90 million/€91.5 million) or so since Usmanov was first elected FIE President in 2008.

Alisher Usmanov, left, stepped aside as International Fencing Federation President in the wake of EU sanctions ©Getty Images
Alisher Usmanov, left, stepped aside as International Fencing Federation President in the wake of EU sanctions ©Getty Images

The better news for the world fencing body is that newly-circulated audited accounts for 2021 show that it can afford this scale of draw-down, at least for the time being.

Cash at end-December 2021 was put at CHF35.6 million (£31.6 million/$35.6 million/€36.2 million), nearly double the CHF18.4 million (£16.3 million/$18.4 million/€18.7 million) at the end of the previous year.

Unusually, 2021 was a Summer Olympic year, and while the sport's CHF13.9 million (£12.3 million/$13.9 million/€14.1 million) proceeds from Tokyo 2020 were said to be 7.4 per cent below budget, they played a major part in spurring annual revenue to CHF20.75 million (£18.4 million/$20.75 million/€21.1 million).

The other main contributor to 2021 revenue was - you guessed it - a CHF6.53 million (£5.8 million/$6.53 million/€6.6 million) donation by the President.

All told, revenue exceeded expenses by a comfortable CHF12.63 million (£11.2 million/$12.6 million/€13.4 million).

The 2022 Congress is scheduled to take place on November 26 in the Olympic capital.

Fencing is the sport in which International Olympic Committee President Thomas Bach himself competed, winning a team gold medal at the 1976 Olympics in Montreal.