The 46th General Assembly of the Confederation of African Football (CAF) took place on Tuesday, October 22, in Addis Ababa, bringing together African football’s top decision-makers. FIFA President Gianni Infantino was among the notable attendees as CAF released its audited financial report for 2022-2023 and the projected budget for 2024-2025. CAF President Patrice Motsepe, who assumed leadership in 2021, lauded the organization’s significant reduction in financial losses, which fell from $28.9 million to $9.2 million over the past year.
Motsepe emphasized that the financial recovery marked a critical turnaround for CAF, which had been struggling with severe financial mismanagement. “We had to stop the hemorrhaging. The financial state of CAF was in a very dire condition,” Motsepe said. He highlighted the implementation of strong governance, transparency, and ethical auditing practices that have brought stability to the organization. Motsepe also revealed that CAF spent over $50 million on competitions in the past year, with a total closer to $100 million when factoring in a $50 million payment to Lagardère Sports to settle a long-standing legal dispute.
The dispute with Lagardère Sports stemmed from CAF’s sudden cancellation of a decade-long, $1 billion contract with the sports marketing agency years ago. The resolution of this legal battle has allowed CAF to focus on financial recovery and rebuilding. The improved financial management is expected to lead to a projected net profit of $11.7 million in the next financial year, marking the first profit in years for the continental body.
Motsepe expressed optimism for the future of African football, stating his belief that an African nation could one day win the FIFA World Cup. However, he acknowledged the continued struggles African teams face in being taken seriously on the global stage. “We need to keep pushing forward; the progress is there, but more work needs to be done,” he said.
CAF’s financial turnaround is bolstered by income from various sources, including competition revenues, commercial partnerships, and assistance from FIFA. The body believes that its return to financial health will enable it to fulfill its core mandate of promoting and developing football across Africa.
Infantino also praised the strides being made by African nations on the world stage and reiterated FIFA’s commitment to supporting CAF. He also emphasized FIFA’s ongoing campaign to combat racism in football, which remains a key challenge across the global game.
