The payment should help stem a flood of red ink, which has seen the Association book post-tax losses of a cumulative £2.84 million in the last two years.

 

 

The body announced in June that it would co-locate with the British Paralympic Association (BPA) in newly refurbished offices at 60 Charlotte Street in Central London.

 

It may make the move in October.

 

Financial statements for 2008, obtained by insidethegames, state that the BOA “expects receipts of £3.6 million from the sale of owned freehold property within 12 months from the date these accounts are signed”.

 

The net book value of freehold property at December 31, 2008 is put at £647,101, implying a near £3 million gain, although the final calculation is likely to be more complicated.

 

The disclosure came as BOA chief executive Andy Hunt told insidethegames in an interview that the body was aiming to break even in 2009, while warning that 2010 would be “a tough year”.

 

He revealed that the Association, whose commercial sponsorship rights up to and including 2012 have been sold to the London 2012 organising committee, had pre-sold one category of rights for the post-2012 period in a move that “has been a great help with 2009” and would be “a little help” in 2010.

 

In spite of present difficulties, Hunt predicted a bright future for the organisation, pointing to an ability for host-nation National Olympic Committees to build “a financial nest-egg as a consequence of having hosted the Games”.

 

He said: “When the rights revert to us in 2013, we should be in a much, much stronger financial position than we have probably ever been in the history of the organisation."

 

To read the full interview with Hunt click here.