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Caf declares record revenues (18.01.2006)
The Confederation of African Football (Caf) is set to announce a healthy balance sheet to its membership, with cash assets of over $24 million and an annual income of $12.3 million.
Caf`s financial report, released ahead of its ongoing congress in Cairo, stated it earned $5.5 million from its annual competitions last year and received just under $4.6 million from Fifa.
A total annual income of $12.3 million is a record for the organisation, which had a surplus of almost $8.9 million last year.
However, Caf finance committee chairman Suketu Patel warned that the wise investment of the organisation`s resources was vital to the future of the game on the continent.
"Caf will not be able to sustain current levels of investment in development programmes if we cannot
make African football attractive enough to allow more resources to flow into our confederation," he said.
Meetings and travel accounted for just under half of its expenses, while $1.55 million was spent on development programmes.
Caf continues to earn the majority of its money from the sale of television and marketing rights of the African Nations Cup and African Champions League.
French company Sport Five pays $5 million annually for Champions League rights and $5.5 million every two years for the African Nations Cup. Its current contract runs until 2008.
Fifa`s annual grant, instituted since Sepp Blatter became president, has come close to doubling the organisation`s revenue and allowed the traditionally frugal Caf to spend money on bigger projects in recent years.
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