In a sober message, UK Coo CEO Jo Coates admitted that the decision to cancel the event at London stadium would “have a significant financial impact on UKA and sport in general”.
“The revenues we generate from events – through ticketing, broadcasting and sponsorship – help administer the sport and provide the essential governance services we oversee,” she said.
UKA insiders admit that even if the numbers are still being reduced, the losses would be “good in seven figures”. Another informed source suggested that it would be somewhere in the region of £ 2 million.
The latest move will also intensify pressure on the organization, which saw its reserves drop from £ 4.5 million in 2016 to £ 2.8 million in its latest accounts and has yet to renew its contract. £ 3 million television with the BBC ending this summer. To make matters worse, as first revealed in The Guardian, the BBC is willing to pay only a fraction of that amount to renew its contract.
The UKA has confirmed that everyone who bought tickets will receive a refund, however, given the extraordinary circumstances and the high demand placed on banks, the refund process may take longer than usual.
Diamond League events in Rabat and Zurich have also been canceled. The league said it still hopes to start a shortened season in Monaco on August 14, with the Gateshead meeting scheduled to take place four days later.