The liquidation process of GAISF is officially complete after an Extraordinary General Assembly today ©GAISF

The liquidation process of the Global Association of International Sports Federations (GAISF) is officially complete after an Extraordinary General Assembly (EGA) today.

Last November, 70 GAISF members voted in favour of dissolving the umbrella body in Lausanne, with 22 going against it.

Following the decision, Swiss firm Ernst & Young were appointed to complete the proceedings, including the distribution of the GAISF's CHF5.66 million (£5.07 million/$6.3 million/€5.9 million) fortune.

Association of Summer Olympic International Federations (ASOIF), Association of International Olympic Winter Sports Federations (AIOWF), Association of IOC Recognised International Sports Federations (ARISF), Alliance of Independent Recognized Members of Sports (AIMS) are the bodies that would benefit from the funds.

As announced earlier, ASOIF is set to receive a big chunk of the money with 42 per cent, followed by ARISF with 30 per cent, AIOWF with 18 per cent and AIMS with 10 per cent.

"At the EGA today, the GAISF members approved the final balance sheet drawn up by liquidators Ernst & Young," said GAISF, in a statement released today.  

"They also approved the distribution of the liquidation proceeds to the IF umbrella bodies [ASOIF, AIOWF, ARISF, AIMS], following the principles agreed by the GAISF members in November last year when they voted to dissolve the organisation."

Ivo Ferriani was the head of GAISF when plans to dissolve the body was announced ©GAISF
Ivo Ferriani was the head of GAISF when plans to dissolve the body was announced ©GAISF

It was also announced that SportAccord "has taken on some of the activities of GAISF" with new statutes set to be approved in November at the International Federation Forum in Lausanne.   

"These will include a revised governance structure whereby all the IF umbrella bodies (ASOIF, AIOWF, ARISF and AMIS) will be represented," GAISF added.

The controversial dissolution of GASIF was met with displeasure from many parties, citing a lack of transparency in the process.

The International Orienteering Federation (IOF) made a last-ditch attempt to postpone the vote on the future of GAISF in November, sending a letter to its President Ivo Ferriani, claiming there were "a number of unanswered and unclarified questions".

The Italian official claimed that "significant effort" was made to explain the reason for dissolution.

Ferriani is also the President of AIOWF, SportAccord and International Bobsleigh and Skeleton Federation.

GAISF was founded in 1967 and had 95 full members and 20 associate member organisations.