World football governing body FIFA revealed on Friday it made a loss of 369 million dollars in 2016 as legal costs rose following a series of corruption scandals.
Accounts showed a total loss of and the organisation said 2017 would see further losses approaching 500 million dollars, though these can partly be explained by a switch in accounting practices.
However, the 2018 accounts are predicted to be much healthier as they will include television income from the World Cup in Russia, leading to a predicted profit of more than one billion dollars.
Explaining an increase in expenditure, FIFA said a “number of events caused these increases such as an increased budget for development expenses and higher competition costs, but also unforeseen costs such as legal fees and costs or extraordinary meetings.”
Investigation and legal fees were marked down as 50.465 million dollars as the era of former president Joseph Blatter draws to a close.
FIFA also blamed the Blatter regime for certain poor investments, such as the World Football Museum in Zurich, which proved costly.
Accounts showed a total loss of and the organisation said 2017 would see further losses approaching 500 million dollars, though these can partly be explained by a switch in accounting practices.
However, the 2018 accounts are predicted to be much healthier as they will include television income from the World Cup in Russia, leading to a predicted profit of more than one billion dollars.
Explaining an increase in expenditure, FIFA said a “number of events caused these increases such as an increased budget for development expenses and higher competition costs, but also unforeseen costs such as legal fees and costs or extraordinary meetings.”
Investigation and legal fees were marked down as 50.465 million dollars as the era of former president Joseph Blatter draws to a close.
FIFA also blamed the Blatter regime for certain poor investments, such as the World Football Museum in Zurich, which proved costly.