FIFA Thursday said that it has "built up cash reserves of $1.3 billion for 'unforeseen events' after reporting a $631 million profit from the 2010 World Cup in South Africa," according to Ashling O'Connor of the LONDON TIMES. FIFA President Sepp Blatter "hailed the tournament as a 'huge financial success' as he pledged a $100 million legacy fund to South Africa and handed out bonus payments of $550,000 to each member association and $5 million for each confederation." Revenues from the '10 World Cup climbed 59% from the '06 event in Germany. FIFA "raised a record $4.2 billion from broadcast and commercial deals," of which 87% was "generated by the World Cup." FIFA "has almost doubled its reserves since 2006." FIFA posted a $202M profit in '10, "driven by broadcast deals, while the sale of hospitality rights generated" $120M (LONDON TIMES, 3/4). Blatter: "The World Cup in South Africa was a huge, huge financial success, for Africa, for South Africa and for FIFA." Blatter described himself as the "happiest man" in announcing the results. Meanwhile, FIFA Senior VP & Finance Committee Chair Julio Grondona "pledged to spend $800 million on development projects through 2014" (AP, 3/3).
