FIFA says it has a “duty” to use its vast financial reserves to assist a football industry ravaged by the coronavirus pandemic wiping out games and creating unexpected economic hardship in the world’s biggest sport.
The spread of COVID-19 has impacted the wealthiest clubs, with Barcelona and Juventus players taking wage cuts; those in smaller countries, with Slovakian champion Zilina entering bankruptcy; and national football federations, with Uruguay furloughing hundreds of staff.
Having amassed reserves it last reported at $2.745 billion, FIFA has the resources to give much-needed financial help to the game at many levels. Now the organization has provided more details around the need agreed two weeks ago by FIFA President Gianni Infantino and his vice presidents to explore a “support fund” for the sport.