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Thursday, 7 March 2019

FIFA Register $700M Extra Revenue in Latest Filings

FIFA have posted a better than expected $6.4 billion (5.65 billion euros) turnover for the financial period of 2015-2018 allowing for $2.74bn in back-up, a source told AFP on Wednesday. 
FIFA announced a revenue of $5.72bn for the previous cycle between 2011-2014 with $1.52bn in reserve. The results are higher than those projected last June before the start of the World Cup held in Russia. Facing the worst corruption in its history in 2015 and after a variety of big sponsors ended their deals, experts were sceptical about the governing body’s capacity to reach its targets. 
The reserves, which in theory allow FIFA to cope with a possible cancellation of a World Cup, have grown from the June-announced $1.65bn figure. 
President Gianni Infantino was elected in February 2016, succeeding the suspended Sepp Blatter on the promise of increasing the financial investment in developing football with his ‘Forward’ programme. He will be the sole candidate in June’s election held during FIFA’s congress.

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