FIFA is facing a fall in sponsorship income and huge legal costs amounting to a "financial black hole" of $550M, after "companies turned their back on the scandal-hit governing body," according to Martyn Ziegler of the LONDON TIMES. The organization had projected revenues of $5B over its '15-16 budget cycle, but FIFA active Secretary General Markus Kattner said that it is now "running more than half a billion dollars short of that target." Sources close to FIFA said that the organization has been paying as much as $10M a month "to cover the costs of the lawyers who were brought in last May after U.S. and Swiss investigations into corruption were launched." Some 24 of the 37 sponsorship slots remained unfilled and Kattner said, "The general uncertainly is affecting the morale of the FIFA team. We are currently $550 million behind our goals." FIFA has not signed any new World Cup sponsors since the '14 tournament in Brazil and officials have admitted that "potential sponsors would wait until after the election to replace Sepp Blatter before committing." Kattner added that FIFA was "optimistic of concluding contracts" soon (LONDON TIMES, 2/26).
