FIFA Record $369m Loss In 2016

The organization, which faced series of corruption scandals last year, predicted further loss in 2017, which could exceed 450 million dollars.

However, the 2018 accounts are predicted to be much healthier as they will include television income from the World Cup in Russia, leading to a predicted profit of more than one billion dollars.

On increased spending in 2016, FIFA said a “number of events caused these increases such as an increased budget for development expenses and higher competition costs, but also unforeseen costs such as legal fees and costs or extraordinary meetings.”

The organization also blamed the administration of former president, Sepp Blatter for poor investments, such as the World Football Museum in Zurich, which proved costly.

“The challenges of the past 12 months are reflected in our financial results for the year,” President Gianni Infantino said.

“These results stand as a cautionary tale of what can happen if we lose sight of the primary responsibilities of our mission, and if we fail to take the necessary steps to protect our organisation against wrong-doing.”

Despite recording back to back loses for the first time in 14 years, FIFA still boast a cash reserve of 1.048 billion dollars.

“FIFA’s healthy financial reserves, built up when the sun was shining as a prudent insurance against unforeseen risks, have served to further stabilize the organisation, and to give us the breathing space we need to put things right,” Infantino said.

“This strong financial position overall means we are more than capable of weathering the current storm.