South African Football Association Records R40 Million Loss
The latest information regarding the South African Football Association's finances is that they have recorded a R40 million loss for the financial year which ended in June 2016.
SAFA President Danny Jordaan was speaking at Emperors Palace in Johannesburg where SAFA hosted 25-year anniversary celebrations.
Jordaan said the loss came from supporting the successful national teams without sponsors and funding development initiatives.
“This pressure on revenue, when combined with the cost of supporting successful national teams without sponsors and funding development in line with our commitment, has meant that we have this year reported a loss position in our finances of some R40 million,” Jordaan said to the SAFA website.
“It is incumbent on all of us, and in particular, our administration, to ensure that we do not have a repeat of this in the coming year.
“On the positive side our strategy to build a football property profile to reduce expenditure and generate additional revenue is delivering results. SAFA House (R70 million) and the National Technical Centre (R100 million) provide a solid base for a secure financial future.
“The Legacy Trust has a cash deposit of R290 million. The total base is therefore solid but we need to increase our commercial revenue to over R300 million.
“I say this because for the first time we can see ourselves moving clearly towards the football goal of our Vision 2022 strategy.
“You all remember that the goal of this vision is to create the structures to produce consistently successful national teams, all of which should be ranked always in the Top 3 in Africa and the Top 20 in the world.
“We have always stated that the first signs of success towards achieving this goal should be seen in our junior national teams.”