CAF Releases 2022-2023 Financial Report-Forecasts Net Profit for Next Year

African football leaders met in Addis Ababa on October 22 for the 46th CAF General Assembly, with FIFA President Gianni Infantino attending. CAF shared its financial report for 2022-2023 and the budget for 2024-2025.

CAF President Patrice Motsepe, who began his role in 2021, pointed out the organization’s financial recovery. Losses were cut down from $28.9 million to $9.2 million. Motsepe stressed the need to tackle financial issues and put in place governance reforms for better transparency. He also mentioned that over $50 million was spent on competitions last year.

CAF resolved a $50 million legal matter with Lagardère Sports after ending a $1 billion contract several years ago. For the first time in many years, CAF predicts a net gain of $11.7 million in the upcoming financial year, which will enhance its capacity to foster football development in Africa. Motsepe expressed his desire for an African country to clinch the World Cup, recognizing that, until that happens, African teams encounter obstacles in achieving global recognition.

Infantino commended the advancements in African football and supported the collaborative efforts of CAF and FIFA in tackling racism in the sport.