The Australian Olympic Committee chalked up a $938,000 deficit last year as sponsorship and fundraising revenue fell, boosting the fiscal uncertainty the national Olympic body faces as it prepares to meet a $23 million-plus bill to send athletes and officials to the delayed Tokyo Olympic Games.

The committee’s revenue fell to $26.6 million in the year to December, from $33.1 million, as it made a loss on planned fundraising events that were suspended. As well, a distribution from the Australian Olympic Foundation investment arm fell and sponsorship payments for the Tokyo Games were deferred, its latest annual report shows.