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


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