FIFA posts $369 million loss in 2016 — and there’s worse to come

World football governing body FIFA on Friday announced that it incurred a loss of $369 million in 2016.

A chunk of that figure was spent on legal costs in a year that saw FIFA enmeshed in a number of corruption scandals.

The organisation is also expected to lose $500 million in 2017.

But FIFA predicts a turnaround in 2018. The football body is targeting $1billion in profit from the World Cup in Russia.

FIFA President Gianni Infantino said a “number of events caused these increases such as an increased budget for development expenses and higher competition costs, but also unforeseen costs such as legal fees and costs or extraordinary meetings”.

Investigation and legal fees during the twilight of Joseph Blatter’s reign were marked down at $50.465 million.

FIFA also blamed the Blatter regime for certain poor investments, such as the World Football Museum in Zurich, which proved costly.

“The challenges of the past 12 months are reflected in our financial results for the year.

“These results stand as a cautionary tale of what can happen if we lose sight of the primary responsibilities of our mission, and if we fail to take the necessary steps to protect our organisation against wrong-doing.

“FIFA’s healthy financial reserves, built up when the sun was shining as a prudent insurance against unforeseen risks, have served to further stabilize the organisation, and to give us the breathing space we need to put things right.

“This strong financial position overall means we are more than capable of weathering the current storm,” Infantino said.