By Andrew Warshaw
February 13 – Despite being regarded as one of the less affluent FIFA groupings, African football has announced record financial earnings.
The Confederation of African Football (CAF) said it now had equity of $55.9 million (£35.6 million/€42.5 million) and a cash balance of $47.9 million (£30.5 million/€36.4 million) as of June 30 last year.
The power of broadcasting was primarily responsible for the hike.
A seven-year TV and marketing deal worth some $140 million (£89 million/€106 million) was signed in 2010.
Sportfive, part of Lagardere Sports, paid $46.8 million (£29.8 million/€35.6 million) for four successive editions of the African Nations Cup finals, starting with last year’s event in Angola (opening ceremony pictured below).
A separate seven-year deal for the rights to the African Champions League and the African Confederation Cup earns CAF an additional $71.4 million (£45.5 million/€54.3 million) up to 2017.
“Our financial performance was close to forecast, giving a surplus of $5.8 million (£3.7 million/€4.4 million) against a budgeted $5 million (£3.2 million/€3.8 million), primarily due to better cost management,” Suketu Patel, chairman of CAF’s finance committee, told the CAF congress in Gabon.
“I can say our finances are approaching a comfortable level.”
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