Vladimir Lisin, the Russian billionaire newly-elected to the presidency of the International Shooting Sport Federation, is to plough $10 million of his personal wealth into a new development fund for the sport.
Lisin, a steel tycoon with an estimated fortune of around $20 billion, said he wants to establish a development fund so that the ISSF is not dependent on contributions from the International Olympic Committee.
He will transfer $10 million into the ISSF’s accounts by 10 January, 2019 to over the next four-year cycle, and has called on other stakeholders in the sport to make further contributions – “financial or material”.
According to the president's plan, there will be three groups of grantees: member federations that need assistance in developing shooting sport in their countries; member Federations that get quota places for the 2020 Olympic Games in Tokyo; and the athletes who lead the ISSF year-end ranking.
The conditions of rendering assistance or establishing grants will be determined by the ISSF executive committee, with the development fund to be run by the board of trustees.
Lisin was elected as only the seventh ISSF president on 30 November to succeed Olegario Vàzquez Raña, who had ruled the federation since 1980.
Lisin, who had been Vàzquez Raña’s preferred successor, narrowly defeated Italian Luciano Rossi by 148 votes to 144 at the election in Munich.