SAFA secure despite loss, says CEO- 20 Aug 2012 00:00:00
SAFA, South Africa's football governing body, has assured the public that it is financially secure, after the 2012 financial report revealed a loss of more than R50 million.
SAFA CEO Robin Petersen said in a statement: ‘Good financial governance lies at the core of any business. Achieving an unqualified audit, even one that indicates a trading loss, is absolutely vital.’
The report showed a loss of R56 million, according to SAFA, though ‘R30 million of this loss involves non-recurring amounts such as the impairment of assets.’
The federation said losses from core operations amounted to R27.9 million, which was the result of increased expenditure on national teams and increased investment in football development.
SAFA president Kirsten Nematandani, added: ‘In accordance with our mandate, we invested in football, with the national teams' expenditure rising by R15 million owing to a full programme of matches for all of our teams, including the Olympic preparations of Banyana Banyana.'