CAF has announced commercial revenues of USD $125.2 million – a 17% year on year increase – at the CAF 45th Ordinary General Assembly (“OGA”) in Abidjan, Cote d’Ivoire.
The increase of $21.6 million in income growth over the past financial year was to a great extent, driven by an increase in both CAF’s sponsorship and TV rights, setting the organization solidly on a way to financial recovery.
The total competition expenses on prize money and tournaments for the year increased by 26% to$78.9 million. As a result, 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.
CAF needed to take a few hard decisions on the longstanding debate with some of their partners by privately addressing any remaining issues. This, in addition to other bookkeeping principles arrangements suggested by CAF reviewers, were completely accommodated in the Financials.
CAF’s total comprehensive loss position improved by $15.7 million from the previous year during the year under review.
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.
There is a 25% increment in prize monies – which will drive CAF’s objective of making African Football globally serious. Moreover, there is an increase in media rights and sponsorship.
The increased financial resources for the delivery of CAF Competitions seeks to increase the global popularity and stature of CAF’s blue chip tournaments.
Due to an increase in the amount paid to Member Associations and Zonal Unions for Football Development on the continent, development expenditures rose from $19.3 million to nearly $24 million.
CAF’s 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.
Meanwhile, 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 expected to significantly boost CAF’s finances and will begin in January 2024 in Cote d’Ivoire.