FIFA reports $89 million profit for 2012

FIFA president Sepp Blatter. (AP/Ivan Sekretarev)

ZURICH, Switzerland — FIFA has reported a profit of $89 million for 2012 and has reserves of $1.378 billion.

FIFA published accounts which showed revenue of $1.166 billion last year and spending of $1.077 billion.

The 2012 report covers the second year of a four-year financial cycle for the 2014 World Cup in Brazil.

FIFA pays no tax on commercial income from the World Cup because of its status as a not-for-profit association in Swiss law.

Blatter’s salary and benefits were not detailed.

He was among FIFA leaders and executives — defined as “key management personnel” — who shared payments totalling $33.5 million.

When submitting content, please abide by our submission guidelines, and avoid posting profanity, personal attacks or harassment. Should you violate our submissions guidelines, we reserve the right to remove your comments and block your account. Sportsnet reserves the right to close a story’s comment section at any time.