JFF declares $7.5m profit
JFF says financial position has improved |
Sean Williams
Friday, January 13, 2006
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| BOXHILL... JFF president |
Though still knee deep in debt, the Jamaica Football Federation (JFF) announced yesterday that it has made a net profit of $7.5 million for 2005.
In a widely circulated press release, it was stated that the JFF's Finance Committee held a meeting on Wednesday and in a "review of the financials of the JFF, reported an unaudited 2005 year-end net profit of $7.5 million".
A summary of income and expenditure of the JFF also outlined the performances of the years 2003 and 2004. For 2003, an audit of the federation showed it incurred a loss of $31.8 million, which was reduced to $8.7 million the following year.
The profit last year, the release claims, was due to "tight expense management and more effective use of the sponsorship and donations received".
Additionally, the JFF said the "good showing" of the federation for the year, was also due to "income generated from matches both locally and internationally".
The current administration - led by Crenston Boxhill, took office in November 2003 following a poll at the Starfish Hotel in Trelawny which ousted long-serving president Captain Horace Burrell - has claimed it inherited a company steeped in debt - put at a whopping $30 million.
The release is also claiming that the "federation's financial performance has improved over the last two years" and the federation forecasts it could make a profit of $26 million in 2006.
With a number of international matches in the pipeline for the senior Reggae Boyz for this year, including the much-anticipated game against England on June 3 in London, the JFF stands to earn millions from these ventures.
But while the current administration is making these announcements, it reported that it could face a no-confidence challenge when football constituents meet for a congress in St Elizabeth on Sunday.
Though this challenge appears to be real, Boxhill remains confident that if such a motion is moved, it won't carry.
A number of parish associations, including St Ann, Westmoreland and Hanover, have made it public that they are dissatisfied with the performance of Boxhill and his team.
Former JFF president and current senior vice-president of the CFU, Burrell, who is also a CONCACAF executive member, has expressed an interest in returning to the helm of the local football hierarchy, but the suave businessman maintains that that will only happen if his colleagues call on him to do so.
Burrell was the visionary behind Jamaica's successful France 1998 World Cup campaign.
Meanwhile, in the summary of income and expenditure for 2005, the federation's income was put at $139,589,006 million, with operating expenses placed at $129,671,554 which leaves an operating profit of $9,917,453.
There was interest of $68,885, deferred credit of $1,500,000 and other income of $19,733, which puts the total profit before finance costs at $11,506,071. The net financial cost is $3,984,745, which leaves a net profit of $7,521,326.
The Finance Commitee of the JFF is chaired by Andrea Messam.
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