Hungary has withdrawn as host of the 2024 ISU European Figure Skating Championships ©Getty Images

Hungary has withdrawn from hosting the 2024 International Skating Union (ISU) European Figure Skating Championships as the Hungarian National Skating Association (MOKSZ) no longer has the required funds to stage the event.

The Association cited the war in Ukraine and the subsequent increase in energy prices as the main reason it is experiencing financial difficulty.

The Championships were supposed to take place in Budapest from January 22 to 28 next year.

The ISU has now reopened the application period, with bids required to be submitted by May 26.

"Due to the protracted war in our country's neighbourhood, its impact on the economy and the energy prices that significantly affect skating, the Hungarian National Skating Association withdraws from the 2024 ISU Figure Skating and Ice Dance European Championships after a long consideration," read a MOKSZ statement.

MOKSZ, led by Lajos Kósa, left, cites the war in Ukraine as the reason for its poor finances which has rendered it unable to stage the European Championships ©Getty Images
MOKSZ, led by Lajos Kósa, left, cites the war in Ukraine as the reason for its poor finances which has rendered it unable to stage the European Championships ©Getty Images

"MOKSZ refused the International Skating Union the right to organise due to the lack of adequate financial resources for organising high-quality competitions."

The Championships were set to be the capital city's eighth hosting of the event following the 1895, 1909, 1955, 1963, 1984. 2004, and 2014 editions. 

MOKSZ documents state that the body has a surplus of HUF255 million (£600,000/$756,000/€690,000) for 2023 after a predicted revenue of HUF2.153 billion (£5 million/$6.4 million/€5.8 million) and a HUF1.898 billion (£4.4 million/$5.6 million/€5.1 million) expenditure.

MOKSZ, led by President Lajos Kósa, hosted a season evaluation meeting earlier this month which showed signs of trouble in the body's figure skating department.

MOKSZ has calculated that it will have a surplus of HUF255 million for 2023 ©MOKSZ
MOKSZ has calculated that it will have a surplus of HUF255 million for 2023 ©MOKSZ

The governing body terminated the mandate of Vardanjan Gurgen as its figure skating sports director but is said to be looking for a new head in the near future.

MOKSZ had previously reported the forced temporary closures of multiple ice rinks across the country and also mentioned "the significant increase in preparation and competition costs."

Despite the troubles, the organisation claimed that its management was stable.

The MOKSZ 2022 financial report and 2023 budget draft is set to be respectively reviewed and agreed on at the body's next General Assembly.

The meeting is scheduled to take place on May 25 at the Récsei Hall.