Where Did the Money Go? Inside FIS’s CHF 53 Million Investment in Skiing’s Future

Wengen Patrouille Suisse Airshow / GEPA pictures

FIS reported equity of more than CHF 106 million in 2023. By the end of 2025, that figure had fallen to approximately CHF 43 million.

At first glance, the change looks dramatic.

The reduction has fueled debate throughout the skiing and snowboarding community, raising questions about financial stewardship, staffing growth and the direction of the federation.

Yet the same period also saw significant growth across the sport. FIS revenue increased from CHF 22.8 million in 2020 to CHF 114.2 million in 2025, staffing more than doubled, participation in FIS disciplines at the Olympic Winter Games grew from 78 nations to 88, and the federation expanded investments in athletes, national ski associations, event support and commercial development.

Those seemingly conflicting trends raise an important question: If equity fell so sharply, where did the money go?

A review of audited financial statements, participation data and federation initiatives tells a more complete story. The records suggest that FIS did not simply spend down reserves. Instead, the federation directed substantial resources toward athletes, national ski associations, safety initiatives, commercial growth and the long-term development of skiing and snowboarding.

That distinction matters.

FIS is not a publicly traded company. It has no shareholders and no obligation to maximize profit. Its purpose is to govern, develop and promote skiing and snowboarding around the world.

The issue is not whether FIS spent more money. The issue is where those resources went and whether they helped strengthen the sport.

The examples below represent some of the most visible investments identified during this review. They do not represent a complete accounting of every investment made during the period.

More Than CHF 53 Million Returned to National Ski Associations

The clearest financial finding is also one of the most important.

FIS distributed approximately CHF 23.0 million in 2024 and CHF 30.2 million in 2025 to National Ski Associations and related support programs.

Those distributions explain much of the decline in equity from the 2023 peak.

For larger federations, the additional resources may provide flexibility. For smaller national ski associations (NSAs) operating with limited budgets, the impact is even greater.

The FIS distributions can support coaching positions, athlete travel, training camps, grassroots programs, competition opportunities and operational needs that many developing snow-sport nations struggle to fund.

The exact impact varies by federation. Still, more than CHF 53 million flowing back into the sport over two years represents a significant investment in the broader skiing and snowboarding ecosystem.

A Larger Federation With Larger Responsibilities

FIS looks very different than it did five years ago.

Olympic and World Championship cycles cause major swings in annual revenue, but the broader trend shows a larger organization with greater operational capacity and a wider international footprint.

FIS also expanded its event portfolio during this period. More events mean more starts for athletes, more hosting opportunities for organizers, more content for broadcasters and sponsors, and more ways for fans to engage with the sport.

Why Did Staffing Increase?

Staffing growth has drawn criticism.

In 2020, FIS employed 41.9 full-time equivalent positions. By 2025, that figure had increased to 97.8.

On its own, this number raises questions. The scale of FIS’ responsibilities provides important context.

Across all disciplines, FIS sanctions and supports more than 7,000 competitions every season. These events range from World Cups and World Championships to Continental Cups, junior competitions and development-level races.

They span Alpine skiing, cross-country skiing, ski jumping, Nordic combined, freestyle skiing, ski cross, freeski, snowboarding, telemark and several other disciplines, encompassing one of the largest competition calendars in international sport.

Building New Capabilities

Public attention naturally focuses on the World Cup circuit. Much of FIS’s work, however, takes place behind the scenes.

The federation oversees competition rules, event sanctioning, officiating, timing and data systems, athlete services, safety initiatives, development programs and support for national ski associations.

At the same time, FIS expanded commercial operations, event support, communications, digital media, marketing initiatives and athlete services.

One example is the Athlete Health Unit, which aims to improve athlete safety across FIS disciplines. The initiative goes beyond studying injuries. It brings together medical expertise, injury research, performance data and technical innovation to better understand injury mechanisms and develop measures that can prevent injuries or reduce their severity.

FIS has also expanded resources for content production, sponsorship activation, commercial partnerships and event support. Those investments aim to manage competitions while increasing the visibility and commercial value of skiing and snowboarding.

Time will tell whether these initiatives deliver the desired results. What is now clear is that FIS has increased staffing while expanding federation activities, athlete services and investments intended to support future growth.

What Has Changed for Athletes?

Increased Prize Money

Perhaps the most direct investment in athletes has come through prize money.

Using federation resources, FIS increased World Cup prize money by 20 percent in 2023 and 2024, funding the entire increase itself.

The federation then continued that effort in 2025 and 2026 by contributing funding equivalent to a 10 percent increase in prize money. Event organizers were encouraged to match that contribution to further increase athlete compensation, but participation varied across the World Cup calendar.

Financial challenges exist at every level of the sport, and many organizers face their own financial pressures. Some events have increased prize money beyond the federation’s contribution. Many did not.

Even so, the initiative provides one of the clearest examples of federation resources flowing directly to athletes. Unlike infrastructure projects, marketing initiatives or long-term development programs, increased prize money presents an immediate and measurable benefit for competitors.

For athletes, the impact is straightforward: more money going directly to those competing at the highest level of the sport.

New Commercial Opportunities

Athletes have also gained access to a second helmet sponsor position beginning with the 2025-26 season.

The new locations generally carry less value than the traditional front-facing position above the goggles. Still, it creates additional commercial inventory that athletes can bring to sponsor negotiations.

FIS has also introduced a content exchange platform that gives athletes access to competition footage they can use on their own social media channels.

For years, athletes have faced significant restrictions and costs when they wanted to use race footage. That changed with the new platform.

Building Athlete Value

For many athletes, access to competition footage may ultimately prove equally or more important than increased prize money.

In today’s sports economy, sponsorship value depends heavily on audience reach and digital engagement. Competition footage ranks among the most valuable content athletes can share.

By allowing racers to use competition content on their own channels, the platform gives athletes another tool to build audiences, attract sponsors and increase commercial value beyond race results alone.

The financial impact varies by athlete. For some, the benefit may be modest. For the sport’s biggest stars, the opportunity could be substantial.

Together, increased prize money, new sponsor inventory, and access to competition footage give athletes more tools to create value from their performances.

Expanding Participation Around the World

Growth can also be measured through participation.

Research reviewed for this analysis has found that participation in FIS disciplines at the Olympic Winter Games increased from 78 nations at Beijing 2022 to 88 nations at Milano Cortina 2026.

That increase may be one of the clearest indicators of international growth.

Traditional winter sports powers still dominate podiums. However, broader participation creates opportunities for new athletes, larger audiences and expanded commercial interest in skiing and snowboarding.

For an international federation, success cannot be measured by revenue alone.  It must also be measured by the number of countries and athletes participating in the sport.

Understanding the Financial Picture

FIS reported its strongest balance sheet position during this period in 2023, when equity exceeded CHF 106 million.

By the end of 2025, reported equity had declined to approximately CHF 43 million.

That figure does not tell the full story.

First, FIS distributed more than CHF 53 million to national ski associations and related support programs during 2024 and 2025.

Second, the 2025 balance sheet does not include an expected USD 40 million payment from the International Olympic Committee related to the Milano Cortina 2026 Olympic Winter Games.

Auditors note that FIS expects approximately USD 40 million from the IOC. That receivable does not appear in the 2025 year-end financial statements.

The expected IOC receivable carries no associated third-party costs. This should be considered when evaluating the federation’s overall financial position.

The auditors also concluded there was no material uncertainty regarding FIS’ ability to continue as an ongoing concern.

The Private-Equity Debate

One frequently discussed topic has involved a potential private-equity investment.

Public discussion has often portrayed the issue as though FIS rejected a formal 400-million investment offer. According to explanations by FIS’ leadership,  the discussions never progressed beyond an expression of interest and did not result in a formal proposal.

The larger challenge was structural.

FIS oversees 14 disciplines, 141 national ski associations and more than 7,000 events each season. A traditional private-equity model would likely require centralizing all sponsorship, television, digital, and other commercial rights currently controlled by organizers, national ski associations, and other stakeholders.

The concern was not simply valuation. The question was whether a traditional private-equity structure could function effectively within the governance framework of an international federation representing many disciplines, federations and stakeholders.

Private-equity investment may or may not become part of the sport’s future. The discussion highlights how difficult it can be to generate new resources within a sport as diverse and decentralized as skiing and snowboarding.

Growth Requires Investment

One theme appears repeatedly throughout the financial statements.

Many initiatives introduced during the past five years have required investment before any measurable return could be expected.

Commercial growth requires marketing and sales resources. Event support requires personnel. Athlete safety programs require expertise and research. Expanding participation requires investment in national ski associations and development pathways.

From that perspective, FIS has used increased staffing and operating expenditures as investments intended to generate future benefits for athletes, federations and the sport itself.

Time will tell whether those investments produce the desired results.

What is now clear is that FIS chose to deploy capital rather than simply accumulate it.

The Question Behind the Numbers

The financial records tell a story that differs from many public narratives.

Measuring the Results

Over the past five years, FIS has increased staffing, expanded commercial operations, expanded its event portfolio, increased prize money, broadened athlete marketing opportunities, established the Athlete Health Unit, distributed substantial resources to national ski associations and supported growth in international participation.

Those decisions have reduced accumulated reserves and lowered equity from peak levels.

They also represent a clear strategic choice.

Rather than simply preserving capital, FIS appears to have used a substantial portion of its financial resources to invest in athletes, member federations and the future growth of skiing and snowboarding.

FIS has distributed more than CHF 53 million to national ski associations. Athlete opportunities have expanded through increased prize money, additional sponsorship inventory and access to competition footage. Participation in the Olympic Winter Games has grown from 78 nations to 88. FIS has directed new resources toward athlete health, safety, marketing, event support and commercial development.

Time will tell if these initiatives succeed. 

It’s now clear that FIS has chosen investment over preservation. It has used resources not simply to maintain the sport but to attempt to expand its reach, relevance and long-term future.

Stronger national ski associations, healthier athletes, growing participation and continued international growth will prove the ultimate impact of that strategy.