African Football Body Reports Financial Turnaround at Annual General Assembly
The 46th CAF general assembly took place on Tuesday, October 22, in Addis Ababa, gathering African football’s top decision-makers under one roof. Notably, the event was attended by FIFA President Gianni Infantino, underscoring the significance of the gathering. The Confederation of African Football (CAF) released its audited 2022-2023 financial report and its 2024-2025 budget, revealing a significant reduction in losses.
CAF President Patrice Motsepe, who took the helm in 2021, welcomed the improvement, citing the reduction in losses from $28.9 million to $9.2 million. “We had to immediately stop the financial hemorrhaging and introduce governance, ethics, and world-class auditing practices,” Motsepe explained. “We’ve made good progress, spending over $50 million on competitions in the last year. However, we also had to pay $50 million to Lagardère Sports to settle an old problem inherited many years ago.”
The settlement with Lagardère Sports comes after CAF cancelled its decade-long, $1 billion contract with the sports marketing agency. This resolution is a significant step forward for the African football body, enabling it to focus on its core mandate of developing the sport in Africa.
According to CAF’s financial projections, the organization is expected to report a net profit of $11.7 million in the next financial year, marking a significant turnaround. The improved financial health will allow CAF to deliver on its promise of developing football in Africa. The organization relies on revenues generated from competitions, commercial sources, and FIFA assistance, among other income streams.
CAF President Motsepe expressed his hope that an African nation will soon lift the World Cup, the most coveted prize in football. Until that time, African nations will continue to face challenges in being taken seriously on the world stage. FIFA President Infantino echoed Motsepe’s sentiments, highlighting the progress made by African footballing nations and CAF’s ongoing efforts to combat racism in football.
As the African football community continues to grow and develop, CAF’s financial turnaround is a promising sign for the future of the sport on the continent. With a strengthened financial foundation, CAF is well-positioned to support the development of football in Africa and promote the values of the beautiful game.
