World football’s governing body FIFA announced a record $369 million loss for 2016 as it paid for the fallout from multiple scandals and bad investments.
The game’s world governing body blamed the cost of investigating the scandals, bad investments and accounting changes. But there is worse to come for the organisation, which is rebuilding after its near collapse at the end of the tainted Sepp Blatter era.
It expects to lose $489 million, before tax, in 2017 before a World Cup revenue bonanza in 2018 rescues the accounts.
FIFA’s losses for 2015-2017 are set to hit $910 million (855 million euros) even though it revised its 2015 deficit down from $122 million to $52 million.
Revenues fell to $502 million in 2016 from $544 million in 2015.
FIFA said its reserves had fallen from $1.4 billion in 2015 to $1.04 billion in 2016 and they are expected to crash to $605 million this year. (AFP)