The Confederation of African Football (CAF) has announced a 17% year-on-year increase in commercial revenues, totalling $125.2 million, at its 45th Ordinary General Assembly in Abidjan, Ivory Coast.
This significant growth of $21.6 million was mainly attributed to higher sponsorship and television rights.
The boost in revenue comes as CAF aims to make African football more globally competitive. With an increase in media rights and sponsorship rights, the organization expects a further financial recovery in the coming months. However, CAF remains cautious about its spending as it continues its economic revival.
Prize money and tournament expenses saw a 26% increase, amounting to $78.9 million, reflecting CAF’s commitment to investing more in its competitions and making African football self-sustainable. CAF President Dr Patrice Motsepe affirmed the organization’s dedication to CAF Competitions.
During the year, CAF resolved longstanding disputes with some partners through out-of-court settlements. Additionally, the organization adhered to accounting standards provisions recommended by auditors, which were fully accounted for in the financial statements.
While CAF recorded an improved total comprehensive loss position of $15.7 million compared to the previous year, it remains focused on increasing the global popularity and stature of its competitions. The upcoming 2023/2024 financial year is set to witness the delivery of various premier competitions, including the CAF Champions League, CAF Confederation Cup, CAF Super Cup, CAF Women’s Champions League, Futsal, and Africa Schools Program, with a projected budget of $110 million allocated for organization and prize money.
CAF’s development expenditure has also increased, with a focus on supporting member associations and zonal unions for football development. Investment in women and youth competitions, referee capacity development, the implementation of Video Assistant Referees (VAR) at the zonal level, and strengthening governance and controls around funding are among the organization’s priorities.
Looking ahead, CAF is optimistic about its financial outlook for the 2022/2023 budget year, primarily driven by the upcoming Africa Cup of Nations in Ivory Coast in January 2024. The flagship tournament is expected to provide a substantial boost to CAF’s financial resources.
[Source: 3news.com]
