FIFA increases football development fund despite US$122m losses
by Matthew Campelli | 18 Mar 2016
Gianni Infantino was elected as FIFA's president in February 2016
The corruption crisis engulfing FIFA has hit the beleaguered organisation in the pocket, with its 2015 financial results revealing a loss of US$122m (£84.5m, €108.2m).
It represents FIFA’s first deficit since 2002, and while revenues increased by US$82m (£56.8m, €72.7m) compared to the first year of its previous cycle (2011-2014), expenditure leapt by US$240m (£166.3m, €212.9m) compared to the same period to US$1.3bn (£900.6m, €1.2bn) – due to legal costs in the wake of the US-led criminal investigation.
“The unprecedented events that occurred in 2015 have impacted upon FIFA’s financial results, however the organisation’s healthy reserves have allowed it to weather the storm,” the world football governing body said in a statement.
Despite the loss, FIFA – now with Gianni Infantino at the helm as president – has revised its budget and pledged to increase its spend in football development around the world. While the original football development fund stood at the US$900m (£623.5m, €798.4m) mark, that has now been boosted by US$517m (£358.2m, €458.6m) to US$1.4bn (£969.9m, €1.2bn).
Of this fund, US$1.2bn (£831.3m, €1.1bn) will be directed to member associations, US$240m (£166.3m, €212.9m) is set aside for the confederations, while US$26m (£18m, €23.1m) has been earmarked for regional associations. “Less privileged” associations will receive more support.
“With the recently approved reforms, I believe that we have turned a corner and that FIFA is poised to emerge stronger than ever,” said Infantino. “During my presidency, I pledge to make this happen and lead FIFA into a brighter and more sustainable future so that we can all return our full focus to football.”
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The corruption crisis engulfing FIFA has hit the beleaguered organisation in the pocket, with its 2015 financial results revealing a loss of US$122m (£84.5m, €108.2m). It represents FIFA’s first deficit since 2002, and while revenues increased by US$82m (£56.8m, €72.7m) compared to the first year of its previous cycle (2011-2014), expenditure leapt by US$240m (£166.3m, €212.9m) compared to the same period to US$1.3bn (£900.6m, €1.2bn) – due to legal costs
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