SAfrican football left with $50M from World Cup
JOHANNESBURG (AP) — Nearly three years after Spain won the 2010 World Cup final, South Africa's football association was left with $50 million from world body FIFA to develop the game in the former host country.
Danny Jordaan, the World Cup's former head organizer, said Friday that 56 million South African rands ($6 million) of that legacy fund had already been allocated to development programs after the final board meeting of the 2010 World Cup Legacy Trust, which was attended by FIFA secretary general Jerome Valcke.
The remainder would be invested between three South African banks "to make sure that this money lasts for as long as possible," former organizing committee chief executive Jordaan said.
Youth leagues, women's football and education and medical projects would be some of the first to receive the money left over after the first World Cup in Africa was paid for and the money remaining given to South Africa by FIFA.
"The funds will be put to good use," Nematandani said.
The South African government spent over $3 billion on hosting the World Cup, it said in its final report on the historic tournament in November. FIFA's contribution was $1.298 billion, although the world football body also reported income of $3.65 billion from 2010 World Cup contracts.
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