4 Jun 2009

FIFA announces handsome 2008 profit

6:34 am on 4 June 2009

World soccer's governing body FIFA has announced a profit of 280-million dollars for last year, despite the global economic crisis but the accounts showed a huge dependency on the World Cup for revenue.

FIFA is budgeting for a loss in 2010 but only because the costs of the World Cup in South Africa next year are expected to be 860-million dollars, and much of the cash from tv rights has already been paid.

FIFA's finance chief Markus Kattner says the organisation needs 4.6 billion dollars during a four-year cycle, and 95 percent of revenue stems from the World Cup.