Zurich: Fifa expects widening losses in 2017, world football’s ruling body said on Friday, as costs linked to its biggest ever corruption scandal and failed investments contributed to a $391-million (Dh1.4 billion) pretax shortfall in 2016.
The 2016 loss, up from a restated $117-million shortfall for 2015, was blamed on increased legal costs and the extraordinary general congress called to elect a new president after Sepp Blatter resigned after graft allegations emerged in 2015.
Legal costs more than doubled to $50 million during 2015, but Fifa expects these to go down considerably in future.
What Fifa called “ill-considered previous investments,” like its struggling football museum and hotel in Zurich as well as a new accounting standard were also behind the shortfall.
