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SBD Global/May 29, 2014/Finance

Hong Kong Football Association Hopeful Government Will Extend Funding After October

Football's revival "is set to take its next step forward" with the government showing signs it will support the Hong Kong FA's new five-year plan, according to Alvin Sallay of the SOUTH CHINA MORNING POST. However, there are concerns whether an estimated HK$210M ($27M) of additional funding over the next five years will be provided by the government, with a high-level source saying that even the current annual subsidy provided by Project Phoenix -- HK$20M ($2.5M) -- "was not guaranteed." HKFA CEO Mark Sutcliffe, who was instrumental in setting up Project Phoenix and the main architect behind the five-year plan, hoped that "funding would be extended beyond October." Sutcliffe said, "We have not received official confirmation yet about a future funding commitment from the government, but the noises we are hearing are positive." The HKFA estimates that it needs around HK$210M "to bridge the deficit between income and expenditure over the next five years." Sutcliffe: "This is over and above the money we are currently receiving from the government" (SCMP, 5/27).
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