2022 World Cup: How FIFA’s Revenue Surged Over N3 Trillion, Highest In…

FIFA reported revenue of $7.5 billion which is over (N3.320 trillion) using the official exchange rate from four years of commercial contracts related to the Qatar 2022 World Cup on Sunday.

The figures were made public on Sunday at a meeting behind closed doors of more than 200 FIFA member federations, whose monetary contributions from the Swiss-based soccer organization have increased significantly since Gianni Infantino was elected in 2016.

Hours before the first game, the final three sponsors—two Americans and one from the Middle East—were revealed. They are Fine Hygienic Holding, YouTube, and Visit Las Vegas, all of which fall into the third-tier category of local sponsors.

Commercial agreements with state-backed businesses in the gas-rich World Cup host nation helped to boost the additional income. In addition to new third-tier sponsors including Qatari bank QNB and telecom company Ooredoo, top-tier sponsor Qatar Energy has also joined.

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FIFA also added second-tier sponsor deals this year from financial platform crypto.com and a blockchain provider that became its first new American sponsor in more than a decade.

FIFA’s cash reserves will increase despite the COVID-19 outbreak to nearly $2.5 billion. When national team soccer and World Cup qualifying matches were essentially cancelled in 2020, FIFA was prepared to spend that money to support its members during that uncertain time.