FEI Places 60% of Staff on “Temporary Partial Employment,” Other Cost Saving Steps to Minimize Impact on Revenue of Coronavirus
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The International Equestrian Federation (FEI) has placed 60% of its employees on “temporary partial unemployment” to help minimize the impact of the Covid-19 coronavirus pandemic on the organization that governs international horse sports, including the Olympic disciplines of dressage, eventing and jumping as well as para dressage.
“Our income has already been seriously affected by the pandemic,” the FEI reported Friday, “but thanks to processes put in place after a full risk management assessment three years ago, the financial position of the FEI remains solid.”
The FEI has about 100 employees, most at the headquarters in Lausanne, Switzerland.
Revenue of more than 68 million Swiss Francs (US$70/€64.4 million) was budgeted for 2020, about 44% from commercial, mostly sponsorship, sources, almost 29% non operational, by far the biggest amount from the International Olympic Committee; and about 27% from operations such as calendar organization fees, horse passports and anti doping and welfare.
The coronavirus has decimated the 2020 worldwide horse show calendar with more than 36% of about 1,600 dressage, driving, endurance, eventing, jumping, reining, vaulting and para shows canceled, the overwhelming majority due to coronavirus.
For dressage, the number of cancellations is 44% of about 187 events.
All calendar fees have been waived for events between Mar. 15 and the end of the year. A decision on reducing or waiving organizing dues has been deferred to a June meeting of the FEI Board when more clarity is expected on the status of shows for the year.
Annual subscriptions for the 137 national federations that make up FEI memberships will be reduced to 50% this year, and the deadline for all invoices to be paid has been extended from 30 to 90 days.
FEI.TV is providing all its coverage of past events and special equestrian features free of charge to everyone while live sport is on hold and existing subscribers will be compensated for the missing months.