CAF declares ‘healthy’ finances- 14 Feb 2012 00:00:00
The Confederation of African Football (CAF) has declared its finances are in a healthy state for the first time in its history - profiting from a huge increase in marketing and broadcast revenue.
The Confederation reported equity of R430m (US$55.9m) and a cash balance of R368m ($47.9m) as of 30th June, 2011, along with a record surplus.
CAF finance committee chairman Suketu Patel, told Reuters: ‘Our financial performance was close to forecast, giving a surplus of $5.8m against a budgeted $5m, primarily due to better cost management. I can say our finances are approaching a comfortable level.’
CAF signed a seven-year television and marketing agreement worth R1.08bn ($140m) in 2010 – an increase of over 100% on what the organisation earned five years ago.