CAF: 25 million losses, but where did the missing 16 million go?

The financial report recently unveiled by the Confederation of African Football (CAF) has the effect of a bomb: the losses for the 2023-2024 financial year do not amount to 9 million dollars as initially announced, but to 25 million. An abysmal difference of 16 million that raises important questions about the financial management of the institution.

A $16 million abyss

CAF, under the leadership of Patrice Motsepe, finds itself at the heart of a media and financial storm following the revelation of these unaccounted losses. These missing millions add to the growing criticism surrounding the opaque management of the confederation's finances, reinforcing doubts about the governance in place. The latest report from the Audit and Compliance Commission highlighted these charges not recorded in the accounts, raising doubts about possible mismanagement or embezzlement of funds.

The discovery echoes financial crises that CAF has experienced in the past, including the termination of its contract with Lagardère Sports in 2019, which cost the organization $50 million. That case had already exposed shortcomings in contract and financial management, a situation that appears to persist today.

Increasingly contested management

Under Patrice Motsepe's mandate, CAF had nevertheless tried to improve its image by focusing on transparency and the modernization of its structures. The commitments made during his election in 2021 aimed to clean up finances and strengthen governance. But the persistence of these colossal losses calls into question the ability of the current management to achieve these objectives.

Beyond the "missing" $16 million, CAF's entire financial model is in question. While other confederations, such as UEFA or CONMEBOL, manage to generate solid revenues through television and sponsorship contracts, CAF struggles to maintain financial stability. The recurring losses signal a deep management crisis, coupled with a lack of rigor in monitoring expenses.

What outcome for CAF?

The current situation not only weakens CAF, but also African football as a whole. In the absence of clear explanations for the missing 16 million, the trust of sponsors, broadcasters and fans could crumble further. Clubs and federations, which largely depend on CAF funding to organise their competitions, risk being the main victims of this financial debacle.

Faced with this crisis, voices are being raised to demand a complete review of the internal management of the confederation. Some are even demanding a new independent investigation to shed light on the institution's finances and determine responsibility for these massive losses.