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This remarkable growth, marking an increase of $21.6 million from the previous financial year, is chiefly driven by a surge in CAF’s sponsorship and television rights.
The Confederation of African Football (CAF) today announced a significant 17% year-on-year increase in commercial revenues to USD $125.2 million at its 45th Ordinary General Assembly (OGA) in Abidjan, Côte d’Ivoire.
This remarkable growth, marking an increase of $21.6 million from the previous financial year, is chiefly driven by a surge in CAF’s sponsorship and television rights.
This financial resurgence, which signals a steady recovery, sees CAF President Dr Patrice Motsepe fulfill his promise of prioritizing investment in the continent's football.
The total competition expenses, encompassing prize money and tournaments, rose by 26% to $78.9 million this year.
"The aim is to make African football self-sustaining. The increase in financial resources for CAF Competitions seeks to enhance the global popularity and stature of CAF’s blue-chip tournaments," Dr Motsepe noted.
CAF also addressed a longstanding dispute with some partners, opting for out-of-court settlements.
These measures, along with other accounting standards provisions recommended by CAF auditors, were fully incorporated in the financial report.
Despite these challenges, CAF reported a better total comprehensive loss position of $15.7 million in the year under review, compared to the previous year's figures.
It also plans to deliver Inter Club competitions, the CAF Super Cup, CAF Women’s Champions League, FUTSAL and Africa Schools Program in the 2023/2024 financial year with a projected budget of $110 million.
The organization's development expenditure witnessed an uptick from $19.3 million to nearly $24 million, attributable to an increase in the subvention payout to Member Associations and Zonal Unions for football development on the continent.
CAF's commitment to bolstering football development is set to continue, with a special focus on Women and Youth competitions and capacity development of referees.
CAF also plans major investment in Video Assistant Referees (VAR) at the zonal level, and fortifying governance and controls around funding to the Member Associations and Zones.
In a move to drive global competitiveness, the governing body has also declared a 25% increase in prize monies.
These initiatives, together with the boost from increased media rights and sponsorship, have contributed to the overall 17% revenue surge.
CAF projects further revenue growth in the coming financial year, largely on the back of the upcoming Africa Cup of Nations Cote d’Ivoire 2023.
The flagship tournament, slated to kick off in January 2024, is expected to provide a significant boost to CAF’s finances.
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