CAF reports $9.48 million profit, signaling financial turnaround for African football

By: Kwame Bediako The Confederation of African Football (CAF) has announced a net profit of $9.48 million for the 2023/2024 financial year, marking a major financial turnaround after years of deficits. This positive shift demonstrates the organisation’s improved financial health and strategic management aimed at advancing football across Africa. The profit boost resulted from increased commercial revenues, new sponsorship deals, and stricter financial controls. CAF’s financial report reveals substantial investments in African football, including $81 million allocated to prize money, $19 million for organising tournaments, and $35 million dedicated to football development projects continent-wide. CAF President Dr. Patrice Motsepe expressed confidence about the organisation’s future prospects, highlighting ongoing negotiations for a long-term marketing and television rights deal valued at $1 billion. This deal, expected to be finalized soon, would significantly enhance CAF’s revenue streams and commercial appeal. These steps are seen as crucial to maintaining competitive progress on the continent. The reported financial success also signals renewed confidence in CAF’s governance and strategic direction. Source link