World Cup turned $337 million profit in 2014

The World Cup’s commercial power led to record revenue of $2 billion for FIFA last year, with $337 million in profits coming from the four-year cycle leading up to the 2014 soccer tournament in Brazil.

FIFA, which pocketed $140.7 million in profit in 2014 alone, added $91 million to its reserves, which now stand at $1.523 billion. The revenue of $2.096 billion in 2014 raised the four-year total to $5.718 billion.

Income should keep rising before the 2018 World Cup in Russia despite FIFA’s reputation being battered by corruption and vote-buying allegations.

“This success underscores the huge appeal of FIFA’s flagship tournament,” the governing body noted in its annual financial report published Friday.

FIFA’s expenses also soared, topping $5.38 billion in the past four years, including $1.955 billion in 2014.

Spending last year included: $261 million in World Cup bonuses to member federations and confederations; $27 million buying a four-star hotel near the world soccer museum site in Zurich; and $39.7 million in executive committee stipends and senior management bonuses.

FIFA again spent more rewarding senior officials than it committed to its signature Goal program for development projects: $36.6 million in 2014.

As usual, FIFA President Sepp Blatter’s salary and bonus package was not detailed in the accounts.

However, a FIFA-appointed remuneration panel decided that Blatter and senior managers were “within the range” of packages paid by comparable “global companies,” the report said.

FIFA also paid $36 million in tax in 2014, due on its profits plus revenue earned by subsidiary companies.

This story was originally published March 20, 2015 at 9:32 AM with the headline "World Cup turned $337 million profit in 2014."