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Danny Jordaan travelled to Zurich for Fifa World Cup legacy trust fund negotiatings

Posted: 1 July 2011 Time: 14:42

Outgoing World Cup boss Danny Jordaan travelled to Zurich on Thursday and Friday to conclude the negotiations over the World Cup legacy trust fund. 

He met with Fifa officials to finalise the arrangements and sign off the documents that will administer the US$100-million fund (about R680-million at the current exchange rate), set up earlier this year as the windfall from the World Cup.   Jordaan also met with Fifa president Sepp Blatter, who is travelling to South Africa at the weekend.   Of the $100-million, a total of $20-million was taken off to repay Fifa for the money spent building Safa House before the World Cup. A further US$5-million has been paid over for the purchase of some 50 buses which are to be given to the Safa regions.   The rest of the money, totalling US$75-million, will be coming into the trust fund, which has taken several months to establish.   The delay has likely worked in South African football’s favour as the exchange rate between the Rand and US Dollar has weakened in recent months and a transfer of dollars to South Africa now results in more Rands than would have been the case a few months ago.   The cash is now expected to be transferred to the country within days.   The trust is to be administered by an eight-man board, made of four South African Football Association members, two independents and two from Fifa.   To access the money, South African bodies must present a proposal to the fund for scrutiny and approval, in the same way that the lottery fund distributes its money to charities and other non-profit organisations. 

Article by: Mzansi Football

Previous comments on this story...

Bofolla Safety Belt Reja Joy Makhosi
posted: 02:55 pm
http://www.leadersinsponsorship.com/the-leader/football-sponsorship-deals-of-the-week-2/

Trendsetters in African football and South Africa atlarge.
Gucci Man
posted: 03:06 pm
Dr Sokhela will eat this money .lol

Tlou Segolela & Moneeph Josephs will continue answering the meat next season.. ha ha ha
Anonymous
posted: 03:30 pm
Morons comment on the story not on your team that set a trend of waiting 12 seasons to win the league
Soccer Critic ( Tivanl )
posted: 03:52 pm
Motho: 2011-07-01 14:55 [ Report ]

Thank You Motho, but that was always obvious U ddnt have 2 provide evidence.
nw back to the story....

Hope this money goes 2 gud use and the reseults are visible.
Anonymous
posted: 04:31 pm
Some people will use this money to climbing the FIFA rankings and promoting the Vuvuzela forgetting the development of soccer in country.
Anonymous
posted: 07:39 pm
i think safa will need this money to develop young club and young players from development clubs.
Bofolla Safety Belt Reja Joy Makhosi
posted: 08:35 pm
@Shaun Moron o tlae thola ka tlasa mmao sane. Do people still care?
Bofolla Safety Belt Reja Joy Makhosi
posted: 08:42 pm
@Shaun Moron o tlae thola ka tlasa mmao sane. Do people still care?
Anonymous
posted: 09:22 am
this money will be channelled to a few pockets, trust me. Big bonuses coming
Anonymous
posted: 10:10 pm
Eish that's the root cause of all the troubles we gonna experience in the not so distant future . SAFA should use this money to develop more infrastructure especially in the poorer communities .
fakerolex
posted: 09:23 am
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