The Confederation of African Football (Caf) posted a $21.6m (R388.5m) increase in revenue at its general assembly in Abidjan, Ivory Coast, on Thursday, the organisation said. 

That was a 17% increase on the back of increased sponsorship revenue and settling the issue of television broadcast rights for major competitions, which had been in limbo.

“Caf today [Thursday] posted commercial revenues of $125.2m [R2.25bn] — a 17% year-on-year increase — at its 45th ordinary general assembly in Abidjan,” the continent’s football governing body said in a statement.

“The significant increase of $21.6m 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 $78.9m [R1.42bn], as Caf president Patrice Motsepe made good on the organisation’s promise to invest more money in Caf competitions and making African football self-sustaining.

“Caf had to take some difficult decisions on the long-standing 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.

“In the year under review, Caf recorded an improved total comprehensive loss position of $15.7m [R282.34] from the previous year.

“The interclub competitions (Caf Champions League and Caf Confederation Cup) Caf Super Cup, Caf Women’s Champions League, Futsal and Africa Schools Programme are expected to be delivered in the 2023-2024 financial year with a projected budget of $110m [R1.98bn], dedicated to organisation 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 $19.3m [R347.1m] to almost $24m [R431.6m] on account of an increase in the subvention payout to member associations and zonal unions for football development on the continent.

“Caf’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 at the zonal level and strengthening governance and controls around funding to the member associations and zones.”

Caf said it expects its revenue to be accounted for in 2022-2023 to grow even further as the 2023 Africa Cup of Nations — delayed from mid-2023 over weather concerns in the Ivory Coast summer to January and February next year — is expected to generate a significant amount more revenue.

“Caf has projected a further revenue increase in this financial year — on the back of the upcoming Africa Cup of Nations Ivory Coast 2023.

“The flagship tournament is scheduled to kick off in January 2024 and is expected to provide a considerable boost to Caf’s coffers.”