insidethegames has been informed that the committees covering the areas of awards, development, facilities, finances, legal, media, marketing, international relations, swimwear approval and reform have all been scrapped following the approval of World Aquatics' new constitution.

The overhaul has also seen the launch of both the Business and Investment Committee and Remuneration Committee that aim to keep World Aquatics' finances in check.

Technical committees for the six aquatic disciplines and masters have survived the cuts, as well as the committees for athletes, audit, coaches and sports medicine.

The move comes after World Aquatics' financial situation was laid bare at the organisation's Extraordinary General Congress here.

It was confirmed that the global governing body was anticipating a net loss of $32.6 million (£26.5 million/€30.7 million) for this year with $15.5 million (£12.6 million/€14.6 million) attributable to expected financial losses.

The impact of the COVID-19 pandemic, the fallout of the war in Ukraine and the re-assignment of World Championships have been cited by World Aquatics as the reasons for the loss.

Despite the financial forecasts, World Aquatics executive director Brent Nowicki claimed the organisation was "very well positioned".

"I think the cuts we have made and the streamlining of our business operation has been one that I think every federation is going through," Nowicki told insidethegames.

"I don't think we are alone in that and we have taken a long hard look at that to find ways to reduce our expenditure.

"It's the revenue that has been a little bit taxing on us because we are still coming out of COVID-19, which has perhaps hit us later than other federations and created a bit of a bottleneck, caused cancellations and prevented us from doing a lot of activation with sponsors and partners.

"We definitely felt that hit and especially early in our administration it’s never great to come out of a Games and lose money like we have but I don’t think it’s because we have overspent or done something wrong.

"I think we would have lost a lot more if we hadn’t done what we have done so I think for us it's a progressive position to be where we are now but I think the future is quite bright when you look at what we have got coming up."

Nowicki thanked those who have been involved in the committees that have been axed but insisted the cuts were necessary after emerging from a "deep period of financial uncertainty".

"I think the President [Husain Al-Musallam] has an obligation to look at the functionality of our Federation and try to see what is operationally necessary - what do we need to have in place to do a really good job?" Nowicki told insidethegames.

"There are things that are there that are nice to have, but perhaps they are not necessary now."

Nowicki revealed that the Remuneration Committee and the Business and Investment Committee would ensure World Aquatics was "held accountable" for the running of the operation and there was "financial sustainability".

insidethegames understands that a top Morgan Stanley banker is to be involved in the Business and Investment Committee.

A number of independent experts in a series of different fields are set to be used by World Aquatics under the new model.

"I think it’s short-sighted of any organisation to think that they can do everything, so the President has really strongly encouraged that experts come forward to support the work that we do at World Aquatics," said Nowicki.

"A big strength that we have is the ability to bring in and draw upon expertise from people to help us be the best that we can be and the President has done that.

"The President doesn't need somebody to come here to tell us what we want to hear.

"We need someone who is very good at what they do in a very specific area and give us honest, unbiased and sincere advice.

"These are individual experts that we are looking at will come in to help us be a better organisation."