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FIFA RESERVES SOAR TO $2.7B, REVENUE AT $6.4B
FIFA’s cash reserves soared to a record $2.74 billion and revenue climbed to $6.4 billion in the four-year period covering the 2018 World Cup, The Associated Press has learned.
The robust financial results suggest FIFA has weathered the deepest crisis in its history, which erupted in 2015 when a United States-led criminal investigation led to the arrests and later convictions of high-ranking officials on corruption charges.
FIFA President Sepp Blatter also was deposed as FIFA president in a financial misconduct case that left the governing body’s reputation in tatters and caused a backlash from sponsors.
After being elected as Blatter’s successor in 2016, Gianni Infantino said that “FIFA was clinically dead as an organization.”
Although Infantino’s leadership has come under criticism from within European governing body UEFA, Infantino will be able to show the budget is in a healthy state, and he is due to be re-elected unopposed in June for a four-year term.
The 2015-18 finances obtained by the AP exceed the forecasts presented to the FIFA Congress last June. While FIFA projected cash reserves to increase to $1.653 billion in the 2018 World Cup cycle, they had grown to $2.74 billion at the end of 2018, according to people with knowledge of the finances.
The people spoke on condition of anonymity because the financial results remain confidential.
FIFA’s reserves at the end of the 2014 World Cup cycle were $1.523 billion after generating $5.718 billion after the tournament in Brazil.
Amid of corruption crisis of 2015, FIFA modestly targeted raising $5 billion by the end of the Russia World Cup, a projection later raised to $6.1 billion. Those expectations were eclipsed when the four-year cycle ended with revenues of $6.4 billion, according to the people with knowledge of the financial report, which shows profit of around $1 billion.
The record revenue was achieved despite FIFA not filling its full slate of sponsors for the 2018 World Cup. Several sponsors did not renew after the 2014 tournament in Brazil.
Sheikh Salman Bin Ibrahim Al-Khalifa, an opponent of Infantino in the 2016 vote, had warned Infantino’s plan to increase payouts to member associations would “bankrupt” FIFA, but that has not transpired.
In the 2011-14 World Cup cycle, FIFA’s accounts showed just over $1 billion was spent overall on development projects with $538 million going to the Financial Assistance Programme for national associations and confederations.
In the 2015-18 cycle, investment dedicated to FIFA’s new Forward development program was $1.079 billion of which $832 million had been approved and committed to member associations, confederations or regions by the end of last year, according to a financial document seen by the AP. Between May 2016 and December 2018, 941 specific projects were funded in 179 of the 211 member associations at a cost of $270.3 million. There are a range of handouts: from $30,769 to train female football administrators in South Africa to $2.25 million on youth development in Peru.
FIFA proclaims it has far more rigorous system of financial controls designed to guard against further corruption scandals. FIFA rejected 201 of the 1,978 funding applications received in the four-year cycle.
FIFA is also trying to secure backing to expand the Club World Cup and develop a Global Nations League, a mini-World Cup for national teams, to further boost revenue. But Infantino’s hopes of obtaining $25 billion in guaranteed finances from backers, including Japan’s SoftBank, have stalled over European opposition to the formats and funding.
Even without that additional income, FIFA said in its financial report that the success of the 2018 World Cup has provided “strong financial resources” to enable it to raise Forward funds by $667 million to $1.746 billion in the 2019-22 cycle.
Each member association can apply for up to $6 million over the 2019-22 cycle, while each of the six confederations receives $48 million. In addition, $62 million is available for zonal or regional associations if they organize at least five youth and women’s competitions per year.
News of the soaring FIFA reserves comes amid ongoing questions about the lack of parity for World Cup prize money between the men’s and women’s tournaments.
France earned $38 million from FIFA for winning the men’s World Cup last July but the women’s champion this July will earn $4 million. That is double the amount collected by the U.S. Soccer Federation in 2015, a rise in line with the overall prize money jumping to $30 million. The fund for the World Cup in Russia rose 12 percent to $400 million and that jumps to $440 million for the 2022 tournament in Qatar.
FIFA has acknowledged concerns of female players about the financial disparities while pointing to funding to grow the women’s game.
“The vast majority of women’s football players across the world are still amateur,” Sarai Bareman, FIFA’s chief women’s football officer, said when the prize money for France was agreed last year. “That’s the most important thing for us. If we want to build the whole ecosystem of the women’s game it has to start there.”
Infantino is costing FIFA less than his predecessor.
Infantino last year earned a salary of $1.9 million and a bonus of $550,000, according to one of the people with knowledge of the finances. Infantino earned $1.61 million in 2017 without a bonus.
Blatter’s basic salary of $3 million in 2015 was topped up by an $11 million contractual bonus for the 2010 World Cup and $12 million for the 2014 edition. His contract included a $12 million performance bonus he would have earned had he completed a 2015-19 presidential term.
UEFA appears poised for an emergency vote on suspending Israel from European competition next week, with national federations scrambling to position themselves amid mounting political pressure following calls for action.
The brewing crisis intensified this week when United Nations experts called for Israel’s suspension from international football amid the unfolding genocide in occupied Palestinian territory.
A source confirmed that Europe’s soccer body could potentially decide next week to vote on whether to suspend Israel from European competition.
Should UEFA vote to ban Israel, it would put the organisation on a collision course with the government of the United States — co-hosts for the 2026 World Cup — which is vehemently against such a motion.
“We will absolutely work to fully stop any effort to attempt to ban Israel’s national soccer team from the World Cup,” a spokesperson for the U.S. state department told Sky News.
But even though UEFA has the power to suspend Israel or its clubs from their competitions, it may not be able to stop them from competing in World Cup qualifiers, which fall under the ambit of global soccer body FIFA.
The general secretaries of all UEFA national associations are meeting this week in Marbella, where Israel is not officially on the agenda, but officials expect UEFA to call an emergency vote next week.
FIFA did not respond to a Reuters request for comment while UEFA declined to comment.
Palestinian Football Association president Jibril Rajoub said Israelis should not be allowed to participate in any matches, whether they are under UEFA or FIFA.
“Israel has violated the principles, values and FIFA’s statutes. Therefore, I believe that Israel should be sanctioned,” Rajoub told TV2.
“The sanctions should come from UEFA and FIFA.”
WORLD CUP QUALIFIERS
Israel’s national team are set to face Norway and Italy, the top two teams in their World Cup qualifying group, next month.
“We don’t have any indications that we are facing such an act (UEFA suspension),” a spokesperson for the Israel Football Association told Reuters.
“We are focusing on our international matches against Norway and Italy.”
Norwegian broadcaster NRK reported the Norwegian Football Federation (NFF) is one of the member associations that have been the driving force behind calling for a meeting on the Israel situation. The NFF declined to comment.
Lise Klaveness, the president of the NFF and a member of the UEFA Executive Committee, has also been vocal about the crisis in Gaza ahead of her country’s home game against Israel on October 11.
“Neither we nor other organisations can remain indifferent to the humanitarian suffering and disproportionate attacks that the civilian population in Gaza has been subjected to for a long time,” Klaveness said in a statement last month.
“We want to donate the proceeds (from the game) to a humanitarian organisation that saves lives in Gaza every day and provides active emergency aid on the ground.”
The Dutch football federation (KNVB) said it knows nothing about a vote to suspend Israel.
“As soon as the football association receives a message about this, it will take a position,” the KNVB told Dutch outlet NOS.
Last week, Spain’s Prime Minister Pedro Sanchez said Israel should be banned from international sports competitions. However, officials from the Spanish FA (RFEF) have kept a low profile on the matter.
Israel maintains that its war is not against the population of Gaza but against the Hamas militant group whose fighters led the October 7, 2023 attack on Israel that killed 1,200 people, according to Israeli tallies, and precipitated the war.
The subsequent war in Gaza has killed more than 65,000 people, according to local health officials.
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A hat-trick from George Agha and a sublime free-kick goal from David Edeh ensured a comfortable start for five-time world champions Nigeria in the WAFU-B U17 Championship, as the Golden Eaglets routed Baby Cheetahs of Benin Republic 4 -1 in Yamoussoukro on Wednesday.
Agha converted from the spot three minutes into the game after Boluwatife Thompson was hacked inside the box.
Edeh displayed fantastic football artistry to score from a free-kick in the 5th minute of the encounter.
The Eaglets were in cruise control as Agha bagged his brace in the 14th minute. The charges of Manu Garba were very dominant with a three-goal advantage.
Warris Soumanou in goal for Benin Republic was caught napping and his error of judgement gave the Eaglets another goal after a beautiful exchange of passes and dribbles between Thompson and Edeh, which set up Agha for his hat-trick in the 32nd minute.
It was raining goals and it was the turn of the Beninoise in the 45th minute, as a low drive from Jeremy Zannou gave the Baby Cheetahs a consolation goal.
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Mohamed Salah’s dramatic stoppage-time penalty ensured Liverpool maintained their winning start to the Premier League season with a 1-0 victory at promoted side Burnley on Sunday.
With British record signing Alexander Isak forced to wait for his Liverpool debut having been left out the squad for the trip to Lancashire, the champions struggled to break down a dogged home side in the first half.
After a regroup at the break, the visitors upped the ante in the second half, with Dominik Szoboszlai finally forcing a fine save from Martin Dubravka in the Burnley goal.
Burnley were holding on for a well-earned point with ease, before the ball agonisingly struck substitute Hannibal Mejbri’s arm in the penalty area and Salah slotted the spot kick into the net in the 95th minute to break home hearts.
Liverpool are still to really get going this season, requiring a winner in the last 10 minutes of all four of their league victories so far. The goal that clinched an undeserved success at Turf Moor was certainly the most fortunate.
After one of the longest transfer sagas in Premier League history finally reached its expected conclusion, Liverpool supporters were forced to wait two weeks for their first glimpse of their 125-million-pound ($169.45-million) goal machine due to the international break.
While coach Arne Slot said this week that Isak would have to be utilised carefully due to his previous injuries and lack of action so far this season, the Swede was still expected to at least be on the bench at Turf Moor.
The wait goes on as, without their expensive new forward, Liverpool mustered just one shot on target in the first half, from left-back Andrew Robertson.
Burnley, who conceded the fewest goals in English football league history last term to earn them promotion, otherwise frustrated the champions with ease. Even Lesley Ugochukwu’s red card for two bookings in the 84th minute did not seem to fluster them.
Even without Isak, Liverpool still had much attacking talent on the Turf Moor pitch but they just could not find that killer pass.
Salah was especially below par but he made no mistake in the most pressurised moment after Hannibal had stuck up an arm to block Jeremie Frimpong’s cross
The champions’ impressive Premier League goalscoring streak stretches to 38 games nonetheless, their longest such run in the competition.
-Reuters
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