FIBA has recorded a loss for 2020 as a result of the COVID-19 pandemic ©Getty Images

The International Basketball Federation (FIBA) fell into the red last year, as COVID-19 forced the rescheduling of most planned international competitions.

The organisation made a net loss of CHF13.5 million (£10.6 million/$15 million/€12.3 million) in 2020 on revenue that slumped to just CHF65 million (£51 million/$72.2 million/€59.3 million) from CHF152.4 million (£119.5 million/$169.3 million/€139 million) the previous year.

Expenses were also cut nearly in half, dipping to CHF78.6 million (£61.6 million/$87.3 million/€71.7 million) from CHF152.3 million (£119.4 million/$169.2 million/€138.9 million) in 2019.

Sparse financial information is provided in FIBA’s newly-published 2019-2021 mid-term activity report, presented at the Mid-Term Congress today.

This also discloses that the organisation’s equity tumbled from CHF53 million (£41.6 million/$58.9 million/€48.3 million) in 2019 to CHF39.5 million (£31 million/$43.9 million/€36 million) a year later.

FIBA's competitions have been severely impacted by the COVID-19 pandemic ©Getty Images
FIBA's competitions have been severely impacted by the COVID-19 pandemic ©Getty Images

Just over three-quarters of FIBA’s revenues over the full two-year period were said to have come from commercial activities, with the balance stemming mainly from hosting fees and the International Olympic Committee (IOC) payment relating to basketball’s presence on the Summer Olympic sports programme.

FIBA is one of 15 International Federations (IFs) to have received loans from the IOC under a $100 million (£70.6 million/€82.1 million) financial support package announced last July.

The Federation prefers to describe this in the report as a “conditional partial advance by the IOC of the contribution for the Tokyo Olympic Games”.

There is still no mention of the specific amount advanced.

Assuming it can proceed in some form, Tokyo 2020 is set to be a big moment for the sport, with the inclusion for the first time at the Olympics of the 3x3 format.

FIBA President Hamane Niang from Mali said the organisation had "consistently held successful bubble-based events since the start of the pandemic".

Looking ahead to Tokyo, Niang said it would be "the first time that 12 Olympic medals will be up for grabs" in the sport.

The Congress also expelled the Peru Basketball Federation following a recommendation from the Central Board.

The organisation has had "serious governance issues", according to FIBA secretary general Andreas Zagklis, and has refused to hold elections.

FIBA said it will "work with the active basketball stakeholders, the Peruvian government and the National Olympic Committee" to form a new Federation in the country.

Members also passed all proposed statute amendments, including the adoption of further gender guidelines in line with FIBA's women in basketball strategy and confirminf that electronic forms of basketball, in particular esports, falls within FIBA's scope.