Global economic meltdown does not affect FIFAOctober 25th, 2008 - 9:54 pm ICT by IANS
Zurich, Oct 25 (IANS) Football’s world body FIFA said that despite the global economic crisis, its finances are pretty solid.A detailed report of the potential impact of the international financial crisis was presented to the finance and the executive committee during the two-day meeting that concluded at the FIFA headquarters here Friday.
The report said that FIFA had not suffered any losses and was well equipped to meet the fiscal crisis thanks to a number of factors including diversification of its financial assets, low exposure to currency fluctuations, the fact that 95 percent of the 2007-10 income budget is under contract, good cost management, and the diversity of its portfolio of commercial and TV partners.
During the meeting, the executive committee approved the finance committee’s recommendation that FIFA should take out an insurance policy to provide cover of $650 million in the event of the postponement or relocation of the 2010 and 2014 World Cups.
This policy will only provide cover against terrorism, natural disasters, epidemics, war, accidents or turmoil.
Regarding the 2010 World Cup, the executive committee decided that in order to protect the welfare of the players, they should play their last club matches May 16, 2010 at the latest. A mandatory rest period will be in place from May 17-23.
It was also decided that the 2010 Champions League final, slated for May 22, will be the only exception to this rule.
Tags: body fifa, champions league final, currency fluctuations, financial assets, global economic crisis, global economic meltdown, international financial crisis, mandatory rest period, natural disasters, report said that