CAF unveils financial report, projects net profit for next year

The Confederation of African Football (CAF) released its 2022-2023 financial report and projected a net profit of $11.7 million for the upcoming fiscal year, marking a major milestone in its efforts to restore financial stability.

The announcement was made during the 46th CAF General Assembly held on October 22, 2024, in Addis Ababa.

CAF President Patrice Motsepe, who was elected in 2021, highlighted the reduction in financial losses from $28.9 million to $9.2 million.

Also Read: Fuel truck accident near Ugandan capital claims lives

Motsepe credited the improvement to enhanced governance, stricter ethics, and more transparent auditing practices, which he said had been critical in turning around the organization’s financial health.

“We had to immediately stop the hemorrhaging and address the huge financial problems. CAF was in a very, very dire condition,” Motsepe said. “But we’ve made good progress, and we’ve invested more than $50 million just on competition this year, with a total spending closer to $100 million.”

CAF’s finances had been weighed down by a legal battle with Lagardere Sports, which had stemmed from the cancellation of a decade-long $1 billion contract.

CAF recently settled the dispute by paying $50 million to the sports marketing agency, a move that helped resolve a long-standing issue.

FIFA President Gianni Infantino attended the assembly and praised the progress of African football on the world stage, reiterating FIFA’s commitment to working with CAF on initiatives like the ongoing fight against racism in football.

Motsepe expressed optimism for the future, emphasizing that CAF’s financial health would enable it to better fulfill its mandate of developing football across the continent.

The projected profit, if realized, will be the first in several years and signals a positive shift for the organization.