Sunday, January 24, 2010

SAFA's Shock Cash Crisis

The South African Football Association (Safa) has run out of cash, paralysing the administration of the country’s number one sport. A senior official, who refused to be named, told the Mail & Guardian that Safa is nearly R10-million in the red, contradicting former chief executive Raymond Hack’s assurances that he left its books in a healthy state.

Hack is on record as saying that the association is far from broke. He presented a glowing picture of the sport’s finances when he delivered the annual report last September, reporting a R32-million profit.

However, Safa’s bank accounts, which the M&G saw this week, show that the association is heavily overdrawn, with a negative balance of more than R7,4-million.

Other Safa records indicate that the association owes suppliers a further R7-million.

But a senior Safa official said the situation was bleaker than even these figures indicate.

“We are close to R10-million in the red, excluding what we need to pay our suppliers,” he said. “It’s becoming increasingly difficult to run the sport smoothly in the country. The majority of our regions have not received their grants, which has paralysed the game in these affected areas.”

read the rest here.

3 Opinion(s):

Pensioner said...

Why should anyone be "Shocked" by this article. An organisation with a majority of Blacks in the management team and there would be no misappropriation of funds? Let's get real folks, this is South Africa, which, in case anyone has forgotten is part of the "dark" continent. Which is the continent where bribery is not the exception but the rule. The poor white minority, who is still the majority in tax contributors, will just have to kak and betaal once again. Happy 2010 World Cup watching, I wont be, I will watch anything, even paint drying or sharks consuming tourists here in Fish Hoek before I watch any crappy soccer game. I just hope there is some interesting Cricket or Rugby at the same time, otherwise I, for one, will be watching re-runs of Top Gear or Egoli or Noot vir noot, or whatever.

Anonymous said...

Well here is a better shock and one that we know will backfire!

ANC push for S.Africa to own central bank

http://af.reuters.com/article/topNews/idAFJOE60N04820100124

Exzanian said...

Ah man, where have we heard this before!