At its 45th Ordinary General Assembly in Abidjan, Ivory Coast, the Confederation of African Football (CAF) reported a 17% year-on-year growth in commercial income totalling $125.2 million.
This large increase of $21.6 million was mostly due to increased sponsorship and media rights.
The increase in revenue comes as CAF strives to make African football more competitive on a global scale. The organisation anticipates a larger financial recovery in the following months as media and sponsorship rights expand. CAF, on the other hand, remains conservative in its expenditures while the economy recovers.
CAF’s resolve to spend more in its events and make African football self-sustaining was reflected in a 26% rise in prize money and tournament expenditures, totalling $78.9 million. CAF President Dr Patrice Motsepe reiterated the organization’s commitment to CAF Competitions.
CAF addressed long-standing conflicts with several partners through out-of-court agreements during the year. Furthermore, the organisation followed audited accounting standards regulations, which were properly accounted for in the financial statements.
While CAF’s overall comprehensive loss position improved by $15.7 million from the previous year, the company remains focused on boosting the worldwide popularity and stature of its competitors. The CAF Champions League, CAF Confederation Cup, CAF Super Cup, CAF Women’s Champions League, Futsal, and Africa Schools Programme will be delivered in the upcoming fiscal year 2023/2024, with a projected budget of $110 million allocated for organisation and prize money.
CAF’s development spending has also grown, with an emphasis on assisting member associations and zonal unions in their efforts to improve football. Among the organization’s goals are investments in women’s and youth tournaments, referee capacity development, the adoption of Video Assistant Referees (VAR) at the zonal level, and increasing governance and controls over money.
Looking ahead, CAF is upbeat about its financial prospects for the fiscal year 2022/2023, owing principally to the impending Africa Cup of Nations in Ivory Coast in January 2024. The flagship competition is intended to significantly increase CAF’s financial resources.
