We are exceptionally strong

PRESIDENT OF the Jamaica Olympic Association (JOA), Christopher Samuda, is touting the financial strength of the organisation as part of his success since taking control of the entity in 2017.

According to Samuda, the leadership of the JOA has used a blueprint to incorporate money earned from the world governing body, the International Olympic Committee (IOC) through the Olympic Solidarity Fund, Olympic Movement, and corporate Jamaica to keep the JOA financially healthy.

In an interview with The Gleaner, Samuda stated that being frugal in their spending, widening the base of the entity by engaging more minor sporting disciplines and the know-how of Chief Executive Officer (CEO) Ryan Foster are also factors that assisted in growing the JOA’s finances. He also credited the JOA brand being strong as well.

“We are exceptionally strong (financially), exceptionally strong and simple because we practise good financials. Our financial culture is strong, we have a CEO that has a record of success in the corporate industry, who understands our business and we, in fact, are very frugal in our spending, because we know that the resources are not ours,” Samuda said.

“We have a fiduciary responsibility to ensure that we spend intelligently but also securely, so we are strong and we are strong simply because we have diversified our revenue base in terms of the sources of income.

“We are not government funded, we don’t get one cent from Government and we will never get one cent from Government because that, in fact, is not our financial perspective and the International Olympic Committee, which is our governing body, has always articulated that we must be self-funding. We got a lot of funding from them and they say that look self-funding is critical to administrative autonomy,” he continued.

Samuda was adamant that helping the smaller sports contributed to the financial health of the JOA. He stated that with more people being involved, it was easier to negotiate with corporate Jamaica.

“When you find that you enjoy success across the spectrum of sport, that is more revenue opportunities for a sponsor. Look at our rugby team World Championships wise, Commonwealth wise, they are building a successful brand,” Samuda said.

He stated that the JOA will be working with these smaller entities to improve their financial position and be able to become self-sufficient in the future.

Meanwhile, Samuda praised his executives for being able to place the JOA in a strong financial position despite a fairly weak Jamaican economy. He argued that the JOA wants to do more for the different sporting disciplines, but with corporate Jamaica feeling the effects of the economy, they still have been able to accomplish.

“Yes, we want to be able to fund them handsomely, but we know that that is going to be a herculean task given the macroeconomy and also given the realities of the sports industry,” he said.

job.nelson@gleanerjm.com