Jamaica Football Federation (JFF) President Michael Ricketts says he’s grateful to his staff for the work done to achieve a positive audit of the past financial year.

Ricketts shared these thoughts after the audit showed a surplus of over $42 million before taxes as at December 31, 2023. The corresponding period for 2022 showed a figure of close to -$99 million.

The audit, which the JFF shared on its website, is the first in several years delivered before the required FIFA deadline. It is also the first time since 2017 that the JFF has appointed an Audit and Compliance Committee.

But Ricketts says that there is still some way to go for the JFF if it is to continue yielding positive financial audits.

RICKETTS…we recognise that we still have a far way to go and we are committed to continuing the journey

“I want to commend the staff of the JFF, the board members, FIFA, and Concacaf who have supported me on this journey as we put the JFF on a more stable footing,” Ricketts told an audience at an Extraordinary Congress held at JFF headquarters on Saturday. “We recognise that we still have a far way to go and we are committed to continuing the journey.

“As was a part of my strategic plan and commitment to the public, I am happy to report that for 2023 the JFF reported a surplus of over $42 million, and we were able to put a dent in reducing the deficit. This focus on financial governance is something that I am very committed to, and this has enabled us to clear up the past debts owed to the senior men’s team that will be travelling to the World Cup Qualifiers and Copa America.”

The audit was completed by the accounting firm Baker Tilly. It found that the JFF, which it says is a “going concern” (a company that is financially stable enough to meet its obligations and continue its business for the foreseeable future) gathered a deficit of just under $189 million at December 31, 2023. This is an improvement on the $231 million it recorded for the 2022 period. The JFF also recorded a net current liability of $222 million, down from almost $227 million for 2022.

The report shows that the JFF has total assets of close to $513 million, which is an increase on the $425 million for 2022.

The JFF reported a turnover of close to $1.6 billion as at December 31, 2023, which marks a significant increase on the $839 million for the previous year.

Grants were key to these turnover figures. The audit shows that a key grant to the JFF in this period was over $796 million by FIFA, football’s global governing body. FIFA gave over $290 million for 2022.

Concacaf, JFF’s confederation, gave just under $170 million as of December 2023, a large increase on the figure of just under $65 million given for 2022, while the Sports Development Foundation granted $41 million for 2023. This was, however, an $11-million reduction from 2022.

The JFF received broadcasting funds of $3 million for 2023. This is significantly lower than the over $105 million it received over the previous year, although the 2022 figures could be explained as rights bought a year in advance for the Concacaf Gold Cup and FIFA Women’s World Cup, which the Reggae Boyz and Reggae Girlz competed in last year. There were also more games played in 2022.

Match fees totalled under $159 million for 2023, which was just short of the close to $161 million for 2022, while gate receipts for 2023 came in under $41 million. This is a $20-million increase from the previous year.

Sponsorship and donations totalled over $347 million for the JFF for the period in question. This was also a significant rise from the over $96 million it received for 2022. These figures are valued in two ways – cash and kind. The two key cash sponsors for the JFF in 2023 are equipment supplier adidas and the Bob Marley Foundation (BMF), a key Reggae Girlz sponsor. The JFF received just under $218 million from adidas for this period, under their partnership which started in January 2023. BMF provided the federation with $8 million. In kind, adidas gave the JFF over $39 million in 2023, while Umbro, JFF’s previous equipment partner, gave just under $81 million in 2022.

BMF provided over $24 million in kind in 2023, while FIFA and the Jamaica Olympic Association gave over $26 million and over $12 million, respectively. These were among the highest contributors for the period.

The JFF’s expenses also rose to over $1.5 billion in 2023 from close to $938 million the previous year. This can be explained by the costs associated with travel and accommodation, which totalled over $495 million for 2023, up from close to $322 for the previous year.

Competition-related costs amounted to roughly $ 570 million in 2023, up from under $311 million in 2022. Staff costs totalled close to $227 million for 2023, up from over $109 million for 2022, while administrative costs came to $4.4 million in 2023, a little over double the figure for 2022. Professional and legal fees were under $39 million for 2023, triple the 2022 figure. Gear and equipment were also a significant expense for 2023, at $41.5 million, but it was a reduction on the over $97 million spent in this area for 2022.

The JFF now focuses on its World Cup qualifying campaign which starts against Dominican Republic at National Stadium on Thursday evening. The Reggae Boyz also compete in Copa America later this month.