FIA reports staggering financial turnaround

The FIA has reported a staggering €26 million turnaround in the state of its financial health.

The Federation revealed its finances during this week's General Assemblies meetings in Kigali, Rwanda. The results are underpinned by what it describes as "a significant reduction of the...operating costs driven by an increase in revenues and savings".

Despite several new initiatives, the FIA is forecasting an operating result of €2.2m in 2024, compared to a loss of €24m in 2021. 

The forecasted operating result would be the best of the last seven years and the first profit since 2018.

The FIA added: "This turnaround underlines the progress being made in bringing robust financial governance and efficiencies to the Federation.

"A number of measures have been introduced to streamline the FIA’s accounting and reporting procedures to create a sustainable financial model."

FIA president Mohammed Ben Sulayem said: “This achievement is a result of our commitment of reform of the organisation in the areas of governance and finance. 

“The new FIA leadership inherited a financial situation which was not sustainable in 2022. We have worked hard to reduce a sizeable deficit and have stabilised the overall financial health of the Federation.

“We have implemented cost-containment measures and revenue-generating strategies to put the FIA on a more sustainable financial footing to meet our primary purpose of supporting our Member clubs.”