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.