Fifa's finances are in a 'privileged to comfortable' situation and world football's governing body had not yet suffered any impact from the global finance crisis, president Sepp Blatter has said.
"We received a detailed analysis of the potential impact and can say that we are now in a situation that could be described as between privileged and comfortable," Blatter told a news conference following a two-day executive committee meeting.
"For the time being we have not lost money and are well equipped to face up to the current crisis thanks to our financial policy which involves a diversification of assets and very low exposure to currency or foreign exchange volatilities.
"We received a detailed analysis of the potential impact and can say that we are now in a situation that could be described as between privileged and comfortable," Blatter told a news conference following a two-day executive committee meeting.
"For the time being we have not lost money and are well equipped to face up to the current crisis thanks to our financial policy which involves a diversification of assets and very low exposure to currency or foreign exchange volatilities.
Managing costs
"We also have 95 percent of our budget already under contract and have managed our costs.
"The diversification of our portfolios and our television contract partners gives us cautious optimism for the future."
Blatter announced that Fifa had bought insurance cover providing protection for up to $650 million in the event that either of its next two World Cups in 2010 and 2014 had to be cancelled, postponed or relocated.
"We also had insurance for the 1998, 2002 and 2006 World Cups so this is not any kind of judgement on the organisation of the 2010 World Cup in South Africa," Fifa general secretary Jerome Valcke told the news conference.
"We are on time to deliver both the (2009) Confederations Cup and the World Cup in South Africa and this insurance is only to deal with the threat of attacks or natural catastrophes."
"The diversification of our portfolios and our television contract partners gives us cautious optimism for the future."
Blatter announced that Fifa had bought insurance cover providing protection for up to $650 million in the event that either of its next two World Cups in 2010 and 2014 had to be cancelled, postponed or relocated.
"We also had insurance for the 1998, 2002 and 2006 World Cups so this is not any kind of judgement on the organisation of the 2010 World Cup in South Africa," Fifa general secretary Jerome Valcke told the news conference.
"We are on time to deliver both the (2009) Confederations Cup and the World Cup in South Africa and this insurance is only to deal with the threat of attacks or natural catastrophes."
Long-term health
Fifa's executive committee delayed a planned announcement on the bidding timetable for the 2018 and 2022 World Cups after committee members asked for more time to consider a proposal to hold both bid processes simultaneously.
Blatter said however that the general level of interest already expressed in staging the tournaments was a further indication of football's long-term financial health.
"If we look at the football markets, it is still a very attractive product and the World Cup is the most desired product of all," Blatter said.
"We have between ten and 12 national football associations who wish to organise the World Cup in 2018 or 2022 even though the 2010 and 2014 events are still quite far away."
Blatter said however that the general level of interest already expressed in staging the tournaments was a further indication of football's long-term financial health.
"If we look at the football markets, it is still a very attractive product and the World Cup is the most desired product of all," Blatter said.
"We have between ten and 12 national football associations who wish to organise the World Cup in 2018 or 2022 even though the 2010 and 2014 events are still quite far away."
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