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Cycling Ireland has received a funding boost of over €500,000 under a scheme for Irish sports governing bodies that have been hit by the Covid-19 pandemic.
Many sports organisations raise a significant portion of
their funding each year by selling memberships while others also generate fees
from events and other activity-related sources.
However, as Covid-19 has impacted Irish sport so badly
this year, most national governing bodies have experienced financial
challenges.
And if Covid-19 continues into next year, membership
revenues may take a bigger hit in 2021 compared to this year.
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Cycling Ireland has confirmed it has received a total of
€533,000 under the National Governing Body Resilience Fund and via the Sport
Innovation Fund.
These funds, the cycling body said, were designed to “address
significant Covid-19 related losses within the sports sector”.
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“The financial supports provided by Sport Ireland and
Government will help to ensure the ongoing stability of the cycling community
through these unprecedented times,” Cycling Ireland said.
Under the resilience fund, some 20 sporting governing
bodies are receiving over €5 million between them.
The fund is designed to offset lost revenue due to
Covid-19 and to help fund added expenditure incurred due to the pandemic. Cycling
Ireland’s allocation under the resilience fund is €283,000.
Under the separate innovation fund, some €5 million has been allocated to “promote and develop new programmes and projects that can advance sport and physical activity in the post-Covid-19 public health era”. Cycling Ireland has received €250,000 under that fund.
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