Canada Soccer reports 2024 loss of $4-million, looks to eliminate deficit in 2026
Canada Soccer reported a loss of $4-million in 2024, up from $2.5-million the year before.
The deficit is just under the $4.2-million the governing body had projected in early 2024. The gap was covered by cash reserves, of which Canada Soccer now has $5.9-million remaining.
'Better than projected but we all know that operating at levels of deficit of this magnitude is not sustainable,' Canada Soccer chief executive officer and general secretary Kevin Blue said. 'And it is our intent to reduce the deficit for 2025 and then eliminate the deficit in '26.'
The association has projected a $2.4-million deficit in 2025.
The governing body reported 2024 revenue of $37.546-million and expenses of $41.117-million. In 2023, the figures were $34.505-million in revenue and $37.187-million in expenses.
The 2024 revenue included 'approaching $2 million' in philanthropy. Blue says that is part of more than $10-million already committed, with the rest coming in future years. And he anticipates more to come.
Such gifts helped Canada Soccer hire national team coaches Jesse Marsch and Casey Stoney.
The 2024 revenue includes $7.2-million in membership fees, $15.9-million in commercial and other fees, $3.7-million in government grants and $10.7-million in FIFA and CONCACAF grants.
Expenses included $21.1-million spent on national teams and $6-million in 'general and administrative' costs.
According to the financial statement, Canada Soccer is entitled to receive between $3-million and $4-million annually from Canadian Soccer Business, which handles the association's broadcasting and sponsorship rights.
The CSB agreement, which has been decried by national team players who believe the deal is holding back the game in Canada, runs through Dec. 1, 2027, 'with a possible extension, at the discretion of CSB, to Dec. 31, 2037,' according to the financial statement.
Canada Soccer and CSB, whose investor group and board includes the Canadian Premier League owners, have been in negotiations about restructuring the rights agreement.
The financial statement also notes a US$5-million loan that Canada Soccer received from FIFA in June 2023 as part of the world governing body's COVID-19 Relief Plan 'to help alleviate the economic effects of the global COVID-19 pandemic.'
Under the loan agreement, US$4-million is to be spent on national teams of all age categories with US$1-million to be spent on 'staff costs and the [re-] hiring of essential staff where necessary.'
The loan, which does not carry interest, is to be repaid US$1-million a year from 2027 through 2031.
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