Soccer’s governing body thriving in economic crisis, nets $184M profit in 2008

FIFA nets $184M profit in 2008

NASSAU, Bahamas — The global economic downturn is not hurting soccer’s governing body.

FIFA said Wednesday that it turned a $184 million profit in 2008, remaining 13 percent under its own budget and not losing any money on assets during the year. FIFA collected $957 million in revenue, mostly off additional television and marketing deals struck for the 2010 World Cup.

FIFA had $773 million in expenses, avoiding what deputy secretary general Markus Kattner called “extraordinary legal costs” such as the $90 million payout that credit card giant MasterCard was owed the previous year in a settlement regarding sponsorship of the 2010 and 2014 World Cups.

FIFA currently lists about $1.6 billion in assets.

Later Wednesday, members of FIFA’s Congress overwhelmingly approved the organization’s 2010 budget, which includes about $1.1 billion in expenses, more than half related to operational costs for the World Cup in South Africa.