THE Confederation of African Football has announced that it posted commercial revenues of $125.2 million — a 17% year on year increase — at its 45th Ordinary General Assembly in Abidjan, Cote d’Ivoire.
“The significant increase of $21.6 million in revenue growth over the previous financial year was largely driven by an increase in both CAF’s sponsorship and television rights, setting the organisation firmly on a path to financial recovery,” the continental governing body stated yesterday.
CAF explained that the total competition expenses on prize money and tournaments for the year rose by 26% to $78.9 million, even as the body said it had to take some difficult decisions on the longstanding dispute with some of its partners by settling matters out of court.
In the year under review, CAF recorded an improved total comprehensive loss position of $15.7 million from prior year position.
The inter-club competitions (CAF Champions League and CAF Confederation Cup) CAF Super Cup, CAF Women’s Champions League, FUTSAL and Africa Schools Programme are expected to be delivered in the 2023/2024 financial year with a projected budget of $110 million, dedicated to organisation and prize money of these premier competitions.
CAF added that development expenditure increased from $19.3 million to almost $24 million, due to an increase in the subvention payout to member associations and zonal unions for football development on the continent.
The investment in football development is expected to continue with a focus on women and youth competitions, capacity development of referees, investment in Video Assistant Referees (VAR) at the zonal level and strengthening governance and controls around funding to the Member Associations and Zones, the organisation noted.
CAF has projected a further revenue increase in this financial year – on the back of the upcoming Africa Cup of Nations.
The showpiece tournament is scheduled to kick off in January 2024 in Cote d’Ivoire and is expected to provide a considerable boost to CAF’s coffers.
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