FIFA bemoans $369m loss in 2016, prepares for loss of $489m in 2017
World football’s governing body FIFA is bemoaning the loss of $369 million for 2016 following a fallout from multiple scandals and bad investments that visited the Federation within the period.
FIFA blamed the accounting changes as well as the cost of investigating series of scandals, which involved most of high ranking officials, for the recorded loss.
But there are still strong indications FIFA is still on the way of incurring more deficit, which its books put a loss of $489 million for 2017.
It lamented that it was compelled to spend hundreds of millions of dollars from its reserves in 2016 for issues not related to growth of football.