BusinessCompany NewsKPMG predicts £165m loss for Fifa

KPMG predicts £165m loss for Fifa

An internal report carried out by KPMG has predicted the Federation of International Football Associations could lose £165m this year.

According to the firm, Fifa could face the unexpected loss due to the increased cost in insuring this summer’s World Cup, following a hike in premiums fuelled by terrorism fears after September 11.

Some £125m of the £165m hole is being held by bankers of media company Kirch, until the summer World Cup tournament finishes.

The high cost of this year?s event has also been attributed to the fact that it is being staged in two countries – Japan and South Korea.

An extraordinary executive meeting has been called at Fifa’s headquarters in Zurich on Thursday to discuss the shortfall, where Fifa will also reveal running costs for the first time.

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