Swimming Australia have called a crisis meeting with their athletes because the sport has blown their budget and canâ€™t afford to pay the swimmers up to $300,000 worth of performance bonus entitlements.
Australiaâ€™s success in the pool in 2014, where they finished as virtual world No.1, exceeded the expectations of their own bosses so much that they canâ€™t afford to deliver the financial rewards promised in team agreements.
In a revelation that will shock the lowly paid swimmers, high-performance boss Michael Scott will tell them in the next week his high-performance budget has been exhausted and they canâ€™t afford to pay their full entitlement of bonuses for a breakout year in the pool.
The outstanding bonus debts equate to about $288,000, which is a small drop in the ocean for SALâ€™s annual revenue of $26m, but raises questions about how money was spent in the past 12 months given last yearâ€™s annual report showed almost $4m in cash reserves in the bank.
Leading Brisbane sprinter Cate Campbell could be left $40,000 out of pocket with the top 10 leading swimmers in the team all facing five figure shortfalls in bonuses.
Read Courier Mail