Soccer

SAFA aims to utilise SWC funds

2011-08-28 15:52
Kirsten Nematandani (File)

Johannesburg - SA Football Association (SAFA) president Kirsten Nematandani has emphasised the importance of wisely channeling their 2010 World Cup legacy funds and ensuring sustainability for the development of soccer in the country.

Nematandani was speaking on Sunday at the conclusion of the association's Indaba that attracted over 565 delegates drawn from the association's 52 regions and associated members.

The three-day meeting resulted in a concept termed "Success to Success" which, according to SAFA, was a declaration to transform soccer in the country and build on the momentum created by the successful staging of the 2010 World Cup.

"It was one of the issues that were discussed in our Indaba this weekend," said Nematandani.

"The plans of how the funds will be utilised and invested for the long term benefit.

"If it is invested wisely it must give us up to R1 billion and we then will ensure that we just use interest that comes from that."

As it stands, SAFA are awaiting the windfall in the region of $75 million (about R535 million) from world soccer body FIFA.

The initial figure, however, was $100 million, with $25 million already utilised by SAFA to build their head office in Nasrec, prepare Bafana Bafana for the World Cup, and for the purchase of 50 regional association buses.

SAFA has set up a trust fund and a board of trustees who will look after the money, according to Nematandani.

Nematandani, as the association president, will represent the trust, along with another member from SAFA, one from government (the Department of Sports and Recreation), a representative from the private sector, and FIFA general-secretary Jerome Valcke.

According to Nematandani, there was "no better time" to access the funds while the rand was relatively weak to the dollar in the market exchanges.

"We have already set up a board of trustees. It is done," he said.

"All that is left will be opening a bank account for the trust.

"We still have not got an indication of when the funds will be processed, but I think there is no better time than now to make the transaction."

Read more on:    safa  |  kirsten nematandani
NEXT ON SPORT24X

 

Read News24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
1 comment
Add your comment
Comment 0 characters remaining
Live Video Streaming
Video Highlights
Sport Talk

 

10 facts about swimming you didn't know

This will make you want to jump right into the pool.

 
 

Where were you when you last felt alive?

Snors with a cause - creating awareness of male health
Inspiring: Rock climbing with just one leg
Watch! Skateboarders racing cyclists
Exciting new zipline for Cape Town!
 
 
Men
Women
Love 2 Meet
Featured

Got something you'd like to get off your chest? Got a burning desire to air an opinion? If so, be sure to sign-up on Sport24's FORUM!

Latest blogs
Vote

Where should Rivaldo Coetzee play his soccer next season?

Twitter Follow Sport24 on Twitter

Facebook "Like" Sport24's Facebook page

Newsletters Sign up for the Morning Glory, Super 15 and Soccer newsletters

WIN Enter and win with Sport24!

Mobile Sport24 on your mobile phone - WAP, alerts, downloads, services

Forum Have your Say on Sport24's brand new Forum!

BlackBerry Stay in the loop on your BlackBerry

iPhone Latest Sport24 news on your iPhone

RSS Feeds Sport news delivered really simply.

Blogs Yes your opinion counts. Get it out there

 
There are new stories on the homepage. Click here to see them.