FIFA heads for record seven billion dollar revenues News

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FIFA heads for record seven billion dollar revenues

By Daily Sports Nigeria on March 31, 2022

FIFA is on target to reap record revenues of seven billion dollars on the back of this year’s Qatar World Cup, president Gianni Infantino said Thursday as experts predicted a long-term financial boom for football.

Infantino told the annual congress of the sport’s world governing body that FIFA’s finances were “great” and that it would beat its target of making $6.4 billion in the four years up to 2022 by $600 million.

The governing body has seen revenues from television, sponsors and marketing take off despite past scandals and the coronavirus pandemic when spectators have turned more to television screens and other new platforms.

FIFA said in its accounts that it expects “television broadcasting rights to have set a new record” by the time of the World Cup final on December 18.

FIFA, whose finances run on a four-year cycle between World Cups, reported revenue of $766 million for 2021 — level with 2019 and up from a pandemic-hit $266 million in 2020 — and by the end of last year already had $6.11 billion of its target income contracted.

Most income falls into FIFA accounts in the year of the World Cup tournament. And despite the controversy over giving this year’s World Cup to Qatar — which has faced criticism over its labour rights — revenues have boomed since the last World Cup in Russia.

The finances were so good that FIFA spent more than one billion dollars on pandemic recovery measures in football and still increased its cash and asset reserves by 21 percent to $5.5 billion.

“The financial position of the organisation remains healthy and robust,” the global body’s accounts said modestly.

Source The Guardian Nigeria

Posted March 31, 2022