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Crisis? What crisis? FIFA posts $184 mln profit

(China Daily)
Updated: 2009-06-05 11:50

NASSAU: World soccer's governing body FIFA made a profit of $184 million in 2008 despite the global economic crisis but their accounts showed a huge dependency on the World Cup for revenue.

FIFA is budgeting for a loss in 2010 but only because the costs of the World Cup in South Africa next year are expected to be $560.4 million and much of the television rights cash has been received in previous years.

"We are in a sane, one could even say comfortable financial position," FIFA president Sepp Blatter said.

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FIFA's congress in the Bahamas heard a financial report which showed overall revenue of $957 million and expenses of $733 million. Almost all of FIFA's income came from events, mainly the World Cup with $556 million in television rights and $253 million from marketing deals.

FIFA finance chief Markus Kattner said the organisation needed three billion dollars during a four-year cycle and that 95 percent of revenue stems from the World Cup.

Kattner said FIFA's financial status depended on the 2010 World Cup in South Africa going ahead within budget and on the global financial situation, particularly whether commercial partners are prevented from fulfilling contractual obligations.

Next year's budget projects an income of $866 million and expenditure of 1.1 billion as the costs of the World Cup organization kick in.

The budget for 2010 was passed by 99 percent of delegates although FIFA received criticism from Dutch delegate Harry Been speaking on behalf of Europe's governing body UEFA who objected to advanced material containing just one page on the next year's budget.

Reuters