By Duncan Mackay

Alisher Usmanov head and shouldersDecember 8 - Russian multi-billionaire Alisher Usmanov was today re-elected as the President of the International Fencing Federation (FIE) in Moscow after it was revealed that the sport's budget had increased five-fold under his leadership over the last four years.


The 59-year-old Usmanov, who is worth an estimated $17.3 billion (£10.8 billion/€13.4 billion), was elected unopposed for a second term during a meeting at the Ritz-Carlton Hotel.

Usmanov, who made more than a $1 billion (£624 million/€774 million) investing in the social networking site Facebook, has overseen a transfomration in the FIE's financial fortunes thanks to a dedicated charity fund he has established.

The FIE's budget comprised €20.3 million (£16.3 million/$26.2 million) since 2008, when Usmanov was first elected at its Congress in Paris. 

"In 2008, it was €8 million (£6.5 million/$10.3 million) for four years," Usmanov told the delegates at today's meeting.

"Today, the federation has €5 million (£4 million/$6 million) per year, plus additional expenses made from extra budgetary sources, like the Fencing Development Fund and sponsorship money."

The re-election of Usmanov, the majority shareholder of Russian industrial conglomerate Metalloinvest, also owns 30 per cent of English Premier League club Arsenal, means that he will be in charge of the FIE when it celebrates its cententary next year.

Alisher Usmanov with Jacques Rogge at London 2012Alisher Usmanov (left) with IOC President Jacques Rogge during the fencing competition at London 2012

His manifesto for his latest term includes increasing the number of medal events in the Olympics from ten to 12 and helping modernise the sport so that it is more popular.

"We need to change some rules, return its visual appeal and make it telegenic," he said.

"Today's decisions lay the main foundations for the development of fencing over the coming years.

"The Congress has set concrete goals and developed processes to achieve them.

"I am grateful for the delegates' support for re-electing me as President of the FIE.

"I consider this decision as recognition of the results achieved so far, and above all as an endorsement of my strategy to develop fencing on a global level.

"We have a lot of work to do and the FIE is facing challenging tasks.

"I am certain that the 100th anniversary of fencing in 2013 will be a year of success, accomplishments, and the start of a new phase of the sport's evolvement."

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