CAF on Thursday posted commercial revenues of USD125.2 million (Ksh 17.7B), a 17% year-on-year increase, at the 45th CAF Ordinary General Assembly in Abidjan, Cote d’Ivoire.The significant increase of $21.6 million (Ksh 3.05B) in revenue growth over the previous financial year was largely driven by an increase in both CAF’s sponsorship and television rights, setting the Organisation firmly on a path to financial recovery.The total competition expenses on prize money and tournaments for the year increased by 26% to$78.9 million (Ksh 11.16B), as CAF President Dr. Patrice Motsepe made good on the Organisation’s promise to invest more money in CAF Competitions and in making African football self-sustaining.CAF had to take some difficult decisions on the longstanding dispute with some of our partners by settling matters out of court. This, plus other accounting standards provisions recommended by CAF auditors, were fully provided for in the Financials.##NAJAVA_MECA_7365521##In the year under review, CAF recorded an improved total comprehensive loss position of $15.7 million (Ksh 2.2B) from prior year’s position.The Inter Club competitions (CAF Champions League and CAF Confederation Cup) CAF Super Cup, CAF Women’s Champions League, FUTSAL, and Africa Schools Program are expected to be delivered in the 2023/2024 financial year with a projected budget of $110 million (Ksh 15.6B), dedicated to organization and prize money of these premier competitions.The increased financial resources for the delivery of CAF Competitions seeks to increase the global popularity and stature of CAF’s blue chip tournaments.Development expenditure increased from $19.3 million to almost $24 million, on account of an increase in the subvention payout to Member Associations and Zonal Unions for Football Development on the continent.2023 FIBA AfroCan: Morans bounced out by Morocco after second consecutive defeatCAF’s investment in football development is expected to continue with a focus on Women and Youth competitions, capacity development of referees, investment in Video Assistant Referees (VAR) at the zonal level and strengthening governance and controls around funding to the Member Associations and Zones.Budget-2022/2023 Outlook: optimistic picture but cautious approach CAF has projected a further revenue increase in this financial year – on the back of the upcoming Africa Cup of Nations Cote d’Ivoire 2023.The flagship tournament is scheduled to kick off in January 2024 in Cote d’Ivoire and is expected to provide a considerable boost to CAF’s coffers.
