FIFA Register $700 Million Extra Revenue in Latest Filings
Fédération Internationale de Football Association (FIFA) have posted a better than expected $6.4 billion (5.65 billion euros) turnover for the financial period of 2015-2018 allowing for $2.74 billion in back-up, according to a source on Wednesday.
FIFA announced revenue of $5.72 billion for the previous cycle between 2011-2014 with $1.52 billion in reserve. The results are higher than those projected last June before the start of the World Cup held in Russia.
Facing the worst corruption in its history in 2015 and after a variety of big sponsors ended their deals, experts were sceptical about the governing body’s capacity to reach its targets.
The reserves, which in theory allow FIFA to cope with a possible cancellation of a World Cup, have grown from the June-announced $1.65 billion figure.
President Gianni Infantino was elected in February 2016, succeeding the suspended Sepp Blatter on the promise of increasing the financial investment in developing football with his ‘Forward’ programme. He will be the sole candidate in June’s election held during FIFA’s congress.