KINSHASA (Reuters) -The Confederation of African Football announced a profit in its latest financial statements, saying it has reversed several years of deficits.
CAF reported a net profit of $9.48 million for the 2023–2024 financial year at its general assembly on Monday, citing a strong increase in commercial revenues, the addition of new sponsors and implementation of strict financial controls.
CAF reported revenues of $166.42 million and said its expenditure priorities would be increasing prize money for its competitions to $81 million, tournament organisation to $19 million, with $35 million for football development and $21 million for governance and administration.
The organisation’s president Patrice Motsepe told delegates that they were close to concluding negotiations on a long-term marketing and television deal worth $1 billion.
(Writing by Mark Gleeson in Cape Town; Editing by Ken Ferris)
