News24

FIFA announces R275m profit

2012-03-30 16:09

Zurich - FIFA says it made a profit of $36 million on its billion-dollar income in 2011 and increased its reserves to $1.293 billion.

FIFA accounts showed it had $1.07 billion revenue and spent $1.034 billion last year.

It banked an additional $13 million in its reserve fund.

The figures cover the first year in a four-year cycle of commercial deals tied to the 2014 World Cup in Brazil.

FIFA said the tournament earned $910 million in 2011, and $550 million was banked from broadcasting deals.

Nearly all broadcasters and sponsors are signed to two-tournament packages that began with the 2010 tournament in South Africa.

FIFA pays no income tax because of its status in Swiss law, and exemptions granted by tournament host nations.

AP

Comments
  • Lunga - 2012-03-30 16:44

    Considering the size of the organisation, $36m is peanuts. It's like Vodacom announcing a R100 profit at the end of the business year.

      Squeegee - 2012-03-30 18:19

      Lunga, this is their after theft and bribery profit.

  • david.lebethe - 2012-03-30 17:36

    Fifa is lucky that it is not SA based. Otherwise SARS was going to take a big share in the profit it had made. While it is understandable that government should collect tax for the benefit of the country, however formula used by SARS is arbitrary and must be challenged.

      Hartmut - 2012-03-31 16:37

      This article wasn't exactly about SA taxation. But any place to start with some criticism towards SARS is good enough. Just wonder if someone ever starts a blog. I could come with a lot of good hints. Besides collecting tax very often wrongfully and arbitrarily, the insider fraud and corruption grows into billion figures lately, and I see daily new occurrences and cases!

  • bluzulu - 2012-03-30 19:31

    Blatter and his bunch of greedy old cronies must go. This organization makes ten times that much. After this lot loot the coffers thats all thats left. Same story with that other thief, Eccelstone in F1.

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