International

Blatter's salary revealed, FIFA report $122M loss

2016-03-17 19:24

Zurich - FIFA paid Sepp Blatter $3.76 million in 2015, and the governing body reported a loss of $122 million for a year marred by scandal.

After years of secrecy about presidential pay, FIFA finally revealed Blatter's salary in its latest annual accounts published Thursday.

Blatter, who was suspended on full pay last October and later banned for unethical conduct, had a base salary of 2,964,379 million Swiss francs ($3 million) but received no performance bonus in 2015. The total included a payment of almost $450,000 in "variable compensation" — a long-service entitlement for reaching 40 years employment at FIFA.

FIFA's loss, its first since 2002, was expected after failing to sign any new World Cup sponsors.

Despite the corruption crisis, FIFA's total income was $1.152 billion in 2015. Expenses of $1.274 billion included spending $61.5 million on "legal matters."

That helped ensure that FIFA's reserves fund fell by $183 million to $1.34 billion.

FIFA spent $27.9 million last year paying executive committee members and senior management, including Blatter. That total was $39.7 million in the 2014 World Cup year.

FIFA's now-fired secretary general Jerome Valcke got 2.125 million Swiss francs ($2.2 million) in 2015. Each executive committee member was paid $300,000, and Issa Hayatou of Cameroon got an additional $500,000 for chairing the finance committee.

FIFA agreed to start publishing executive pay in modernizing reforms approved last month as a response to American and Swiss federal investigations of corruption implicating dozens of soccer officials, including Blatter.

FIFA has acknowledged that potential commercial partners were put off by fallout from the scandals.

Top-tier sponsors Sony and Emirates Airlines have not been replaced since the 2014 World Cup, and 27 of 34 commercial slots remain unsold.

New sponsor deals are likely to be announced soon, with Asian companies expected to step in. FIFA's prospects improved when member federations passed the anti-corruption reforms last month and elected Swiss lawyer Gianni Infantino as president.

FIFA wants to keep Infantino's pay package secret for one more year until the 2016 accounts are published. His salary will be less than Blatter's, and should also be less than the yet-to-be appointed secretary general who will have wider, CEO-like decision-making powers in the modernized FIFA structure.

FIFA's legal costs soared in 2015, mostly because it retained American legal firm Quinn Emanuel. Its priority is to help prevent FIFA from being indicted as a co-conspirator in bribery by the U.S. Department of Justice.

FIFA's spending on "legal matters" was almost double the $31.3 million bill for 2014.

FIFA also paid only $3.85 million in tax, mainly on profits earned by subsidiary companies. Its tax bill was $36 million in 2014 when the annual profit was $140.7 million.

Read more on:    fifa  |  sepp blatter  |  soccer
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