Red card for FIFA

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IT APPEARS that FIFA, the body responsible for the governing of international football worldwide are not particularly successful at managing their own finances.

Financial figures, released last week, reveal the Federation based in Switzerland, lost nearly 400 million euros in 2016 and is scheduled to lose close to 400 million euros in 2017.

A deluge of legal costs relating to the corruption scandal which engulfed the organisation over the year, were thought to be the most significant reason for the huge deficit.

Other reasons given by FIFA related to “ill-considered previous investments”, thought to be related to discredited former President Sepp Blatter.

Blatter’s investments in a football museum and hotel in Zurich have proved unsuccessful so far, too, and are referred to as “ill-concieved”.

The governing body, which is still under criminal investigations in Switzerland and the United States, paid out nearly £50m to lawyers last year.

FIFA, no strangers to controversy, have suffered financial problems for some time. The latest embarrasing deficit follows a loss of nearly £100m in 2015.

However, in an effort to deflect from the figures, the organisation explained it forecasts a financial recovery in 2018, when Russia hosts the World Cup expecting to finish the four years since 2014 with an £80m profit.

The governing body, which is still under criminal investigations in Switzerland and the United States, paid out nearly £50m to lawyers last year.

By Andy Mansell

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