The Confederation of African Football (CAF), on Thursday, posted commercial revenues of USD $125.2 million – a 17% year on year increase.
The African football governing body made the disclosure at the its 45th Ordinary General Assembly (“OGA”) in Abidjan, Cote d’Ivoire.
CAF said 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 total competition expenses on prize money and tournaments for the year increased by 26% to $78.9 million, as CAF President Dr Patrice Motsepe made good on the organisation’s promise to invest more money in CAF competitions and in making African football self-sustaining.
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.
This, plus other accounting standards provisions recommended by CAF auditors, it noted were fully provided for in the financials.
In the year under review, CAF stated that it recorded an improved total comprehensive loss position of $15.7 million from prior year position.
The Inter Club competitions (TotalEnergies CAF Champions League and TotalEnergies CAF Confederation Cup) CAF Super Cup, CAF Women’s Champions League, FUTSAL and Africa Schools Program 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.
The increased financial resources for the delivery of CAF Competitions seeks to increase the global popularity and stature of CAF’s blue chip tournaments.
The continental football body further stated that development expenditure increased from $19.3 million to almost $24 million, on account of an increase in the subvention pay out to Member Associations and Zonal Unions for Football Development on the continent.
According to CAF, its 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.
CAF has projected a further revenue increase in this financial year – on the back of the upcoming TotalEnergies Africa Cup of Nations Cote d’Ivoire 2023.
The flagship 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.