FIFA reports $89M profit on $1.16B income in 2012

FIFA reports $89M profit on $1.16B income in 2012 account; reserves close to $1.4B

Associated Press
FIFA reports $89M profit on $1.16B income in 2012
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Brazil's Sports Minister Aldo Rebelo, left, and FIFA President Joseph Blatter, right, attend a press conference at the FIFA's headquarter in Zurich, Switzerland, Tuesday, March 19, 2013. They discussed issues related to the organization of the FIFA Confederations Cup in Brazil 2013 and the 2014 FIFA World Cup in Brazil. (AP Photo/Keystone, Walter Bieri)

ZURICH (AP) -- FIFA has reported a profit of $89 million for 2012 and has reserves of $1.37 billion.

FIFA published accounts that showed revenue of $1.16 billion last year and spending of $1.07 billion.

The 2012 report covers the second year of a four-year financial cycle for the 2014 World Cup in Brazil.

FIFA pays no tax on commercial income from the World Cup because of its status as a not-for-profit association in Swiss law.

Blatter's salary and benefits were not detailed.

He was among FIFA leaders and executives — defined as "key management personnel" — who shared payments totaling $33.5 million.

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