FIFA is preparing a funding program of unprecedented scale to promote the development of soccer.
According to the Associated Press, the world governing body is set to propose to its members a development fund totaling $6.35 billion for the next four-year cycle, with the amount allocated to each of the 211 national federations increasing to $25,000,000, instead of the $10,000,000 originally planned.
ΣΧΕΤΙΚΑ ΑΡΘΡΑ
FIFA plans to draw more than $3,500,000000 from its financial reserves, which have been significantly bolstered by the commercial success of the expanded 48-team World Cup. For the 2022–2026 cycle, which includes the World Cup in the U.S., Canada, and Mexico, FIFA’s total revenue is estimated to reach approximately $15,000,000,000, significantly exceeding initial projections.
The new plan does not apply only to national associations. Each of the six continental confederations is expected to receive $99,000,000, with Gianni Infantino arguing in a letter to the confederations that FIFA’s financial success must be reinvested in soccer itself. The proposal is expected to be finalized at the FIFA Council meeting in December and submitted for approval at the Congress in March.
All of this is taking place amid a period of intense activity surrounding FIFA’s leadership. Infantino is expected to run for another term as president, while in Europe there has been backlash following the private investment plan for the World Cup, which was presented and then withdrawn within a few days. Meanwhile, UEFA has taken legal action over possible financial mismanagement, and the deadline for submitting candidacies against Infantino is November 18.
*photo source: AP
