FIFA's account records have revealed a $369 million net loss for 2016, as it fights American and Swiss corruption charges. FIFA has said it expects to rebound with a $1 billion profit after the 2018 World Cup in Russia.
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Corruption investigations, legal costs and scared off sponsors all added to the record loss in turnover suffered by football's world governing body.
Accounts published by FIFA on Friday showed a loss of $369 million (348 million euros) for 2016, up from a shortfall of $117 million in 2015. The organization admitted that losses for 2017 are expected to be even higher.
In its 116-page financial report, FIFA said: "It goes without saying that stagnant global trade and subdued investment, combined with investigations surrounding previous FIFA officials, have put pressure on the organization's overall revenue generation."
In 2015, authorities both in Switzerland, where FIFA has its headquarters, and the United States launched a series of probes into current and former senior FIFA officials amid allegations of racketeering, money laundering and fraud.
However, FIFA estimates a rebound of some $1 billion in profit for 2018 with income expected to pour in from TV broadcast deals for the World Cup in Russia.
Legal costs doubled, at more than $50 million
The accounts show that FIFA booked $502 million income and reported $893 million in expenses. Net losses ultimately totaled $369 million. None of its reported income came from European broadcast rights deals with, which have been backloaded to 2018.
However, the largest expenditure increase comes on the back of new president Gianni Infantino's pledge to increase grants to national, regional and continental soccer bodies worldwide.
Despite the losses, Infantino said that increased payouts to associations would continue under his tenure to further develop the sport. "We need to ensure that every bit of revenue is well invested in the game," the FIFA president said in a statement. "The FIFA Forward Development Programme is an embodiment of this commitment."
Infantino, meanwhile, was paid an income of $1.5 million - a considerable sum but less than half the amount pocketed by disgraced former President Sepp Blatter when he was at the helm. FIFA Council members enjoyed a collective payment increase of around $5.6 million.
Also attributed to the losses were "ill-considered" investments made under Blatter. These included the World Football Museum and an adjoining four-star hotel in central Zurich. The museum reportedly made a loss of $50 million, including a number of one-off costs.
The Sepp Blatter story in pictures
Sepp Blatter remains barred from football after the Court of Arbitration for Sport rejected his bid to get his ban overturned, effectively spelling the end of the 80-year-old's career in football administration.
Image: VALERIANO DI DOMENICO/AFP/Getty Images
Progressive career
When Sepp Blatter arrived at FIFA in 1975, he had already had a few interesting jobs in his career. He had been general secretary of the Swiss Ice Hockey Association, press secretary of the Swiss Sports Association, and director of public relations at a Swiss watch manufacturer. By 1981, Blatter had risen to the position of general secretary at FIFA.
Image: picture-alliance/dpa/B. Weißbrod
Right at the top
After 17 years as general secretary under FIFA President Joao Havelange, the economics graduate was elected president of football's world governing body. In 1998, he beat the favorite, then-UEFA President Lennart Johansson to become Havelange's successor. Shortly afterwards, rumors emerged that he had bought votes to ensure his victory.
Image: picture-alliance/dpa/O. Berg
Huge loss
In 2002 Blatter's own general secretary, Michel Zen-Ruffinen, took on the president, presenting a 30-page document accusing him of financial mismanagement. Blatter prevented an internal investigation, but the dossier was handed to Swiss authorities. Blatter was cleared of any wrongdoing.
Image: picture-alliance/dpa/G. Bally
And the winner is ... Germany!
In the summer of 2000 the right to host the 2006 World Cup was awarded to Germany. Blatter was known to favor the South African bid and had the vote finished in a tie, as appeared probable, he could have cast the deciding vote. However, Oceania delegate Charlie Dempsey abstained, citing "intolerable pressure" from outside handing the decision to Germany.
Image: picture-alliance/dpa/M. Limina
Blatter and Mandela
Blatter always liked to rub shoulders with the world's movers and shakers. In 2004, he went to South Africa, where he met with former President and national hero Nelson Mandela. Having failed to bring the World Cup to South Africa in 2006, he promised South Africa and Mandela the 2010 World Cup.
Image: picture-alliance/dpa/E. Risch
Vote buying in the Middle East
Mohammed bin Hammam, a FIFA Executive Committee member from Qatar, was once a close confidante of Blatter. In 2011, Bin Hammam announced his intention to run against Blatter in the election for FIFA president - only to be confronted with bribery allegations. He withdrew his candidacy and was later banned for life by FIFA.
Image: picture-alliance/dpa/A. Yusni
The person I am
The FIFA president enjoyed traveling the world, and was particularly welcome in many countries in Africa and Asia, from where he drew much of his power base at football's world governing body.
Image: picture-alliance/dpa/A. Yusni
The president and the 'Kaiser'
Sepp Blatter and Franz Beckenbauer were once close associates. However, in 2014, Beckenbauer was banned for 90 days by FIFA for refusing to cooperate with an inquiry into corruption surrounding the awarding of the 2018 and 2022 World Cups. The ban was lifted after he agreed to cooperate. Last March, the Ethics Committee opened formal proceedings against him over the awarding of the 2006 World Cup.
Image: picture-alliance/dpa/B. Weissbrod
Throwing in the towel
Four days after his controversial re-election as FIFA president in May 2015, Sepp Blatter announced that he would step down. In October 2015, FIFA suspended him over a dubious payment to UEFA President Michel Platini. Two months later, FIFA's Ethics Committee banned both men from football for eight years. A FIFA appeals committee later reduced the bans from eight to six years.
Image: Reuters/A. Wiegmann
Banknote shower
A lasting image? In July 2015, a British comedian posing as a journalist approached the podium as Sepp Blatter was about to hold a news conference after an Extraordinary FIFA Executive Committee meeting in Zurich. The prankster tossed a wad of banknotes in the air before he was led off by security.
Image: Reuters/A. Wiegmann
Bound by a dubious payment
Then-UEFA President Michel Platini had once been seen as the favorite to succeed Blatter in FIFA's top job. However, the bans imposed on both of them over a dubious payment made for consulting work conducted years earlier ended any hopes Platini had of succeeding Blatter. Instead, his former secretary general at UEFA, Gianni Infantino, was elected FIFA president in February 2016.
Image: picture-alliance/dpa/W. Bieri
Six-year-ban upheld
On December 5, 2016, the Court of Arbitration for Sport upheld the Blatter's six-year ban from all football-related activities. FIFA had initially banned him for eight years in December 2015, but this was later reduced to six by FIFA's appeals committee. Given his advanced age, this would appear to have ended his career as a top football administrator.
Image: VALERIANO DI DOMENICO/AFP/Getty Images
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FIFA confident despite sponsorship holes
FIFA said that it will stick to its revenue projection of $5.56 billion for the four-year cycle financial cycle tied to the 2018 World Cup in Russia. Alongside broadcast deals, much of that income is expected to come through sponsorship agreements.
While FIFA still enjoys lucrative partnerships with the likes of Adidas and Coca-Cola, a number brands - including Sony, Continental and Emirates - severed ties as the extent of FIFA's endemic corruption came to light in 2015.
Trust in FIFA will be tested over the coming year, as 24 of the 34 sponsorship slots for the 2018 World Cup still need be filled. The tournament kicks off in just 14 months.