FIFA posts profit despite costly legal wrangle
SYDNEY (Reuters) - World football's governing body FIFA on Friday reported a $49 million (24.8 million pound) profit for 2007, despite settling a costly legal wrangle over sponsorship rights.
FIFA paid Mastercard $90 million in June 2007 as part of a settlement under which the credit card issuer dropped a legal fight to get sponsorship rights for the next two World Cups.
Mastercard had sued FIFA in April 2006, saying it had first refusal to the rights which eventually went to rival Visa International.
Markus Kattner, deputy secretary general, said FIFA's profit was "a very positive result" given the circumstances.
"Overall, 2007 can be considered very successful," he told the assembled members of the congress. "FIFA is in a sound financial position."
The body gathered $882 million in revenue against $833 million in costs. This compared with 2006 figures of $749 million in revenue against expenses of $500 million.
(Editing by Ed Osmond)
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