"Surplus Turnaround" Equestrian Association: "Still in Debt, but Finding Ways to Survive"

Secured as a Sponsor by a Thai Energy Company

Last year, the Korea Equestrian Federation reportedly succeeded in turning a profit. Following the so-called 'state affairs manipulation' scandal during the Park Geun-hye administration, the federation had to endure a financial downturn.

According to a report by 'Yonhap News,' on the 21st, the Korea Equestrian Federation recorded a net profit of approximately 24 million KRW. Although the profit itself was small, it increased by about 100 million KRW compared to the 70 million KRW loss the previous year. It is said to be the first time in the past five years that the federation has successfully turned a profit.

National equestrian dressage representative Nam Dongheon and his horse 'First Edition.'
[Image source=Yonhap News]

After the 'state affairs manipulation' scandal, the federation reportedly faced difficulties in attracting sponsorships due to a damaged institutional image. This led to chronic financial difficulties. The leadership also experienced several internal conflicts and instability. Following the aftermath of the scandal, Samsung, which was the chairman company in 2017, withdrew, and the chairman position changed hands five times. Due to the nature of the equestrian sport, the federation's financial condition is directly linked to its 'capabilities.' This is because participating in international equestrian competitions requires bearing expensive horse transportation costs.

The federation's recent success in turning a profit is attributed to securing the Thai energy company 'B.Grimm Power' as a sponsor in October last year. After this contract, the deficit trend reversed from the fourth quarter of last year, and the momentum led to achieving a net profit last year.

Regarding this, Park Seo-young, president of the Korea Equestrian Federation, told 'Yonhap News' on the 19th, "Domestic companies found it difficult to partner with us due to the dark image," and explained, "We sought companies for sponsorship, but due to the existing image, we faced much cold treatment and had no choice but to look overseas." However, she added, "Now, sponsorship proposals are coming in not only from foreign companies," and "Although we are still in debt, we will find a way to survive."