July 13, (THEWILL) – The Confederation of African Football announced on Thursday, during its 45th Ordinary General Assembly in Abidjan, Cote d’Ivoire, that it has experienced a substantial increase in commercial revenues.
The organisation reported a year-on-year growth of 17%, reaching a total of $125.2 million. This boost was primarily driven by a rise in both sponsorship and television rights, indicating a positive trajectory for CAF’s financial recovery. Furthermore, CAF President Dr Patrice Motsepe fulfilled the organisation’s commitment to invest more in CAF Competitions, resulting in a 26% increase in competition expenses, totaling $78.9 million.
To ensure financial stability and resolve long-standing disputes with certain partners, CAF opted for out-of-court settlements, along with adhering to recommended accounting standards provisions. Consequently, the financial statements accurately reflect these actions. Despite these challenges, CAF managed to improve its total comprehensive loss position from the previous year, reducing it to $15.7 million.
Looking ahead, CAF has an optimistic outlook for the 2023/2024 financial year, with a projected budget of $110 million allocated to organizing and awarding prize money for the Inter Club competitions, CAF Super Cup, CAF Women’s Champions League, FUTSAL, and the Africa Schools Program. By investing heavily in these premier competitions, CAF aims to enhance its appeal and prominence.
Additionally, CAF intends to continue its development expenditure, increasing support for Football Development in Africa, particularly in areas such as Women and Youth competitions, referee capacity development, and the implementation of Video Assistant Referees (VAR) at the zonal level. Furthermore, efforts will be made to strengthen governance and financial controls for funding Member Associations and Zones.
About the Author
Jude Obafemi is a versatile senior Correspondent at THEWILL Newspapers, excelling in sourcing, researching, and delivering sports news stories for both print and digital publications.
