The Confederation of African Football (CAF) has posted commercial revenues of USD $125.2 million for 2022–2023 financial year.

This follows an increase of $21.6 million over the previous financial year largely driven by a rise in sponsorship and television rights, CAF said in their statement on Saturday.

The data represents 17% boost in the continental football governing body's income.

It added that total competition expenses on prize money and tournaments for the year increased by 26% to $78.9 million, said CAF President Dr. Patrice Motsepe.

Cautious expense

CAF forecasts higher revenues in the coming months but says it remains cautious of its spending as it continues its economic recovery.

The CAF Inter Club competitions, CAF Super Cup, CAF Women’s Champions League, FUTSAL, and Africa Schools Programme are expected to be delivered in the 2023–2024 financial year with a projected budget of $110 million.

CAF says development expenditure increased from $19.3 million to almost $24 million on account of an increase in the subvention payout to Member Associations and Zonal Unions for Football Development on the continent.

''Investment in football development is expected to continue with a focus on women and youth competitions, capacity development of referees, and investment in Video Assistant Referees (VAR), CAF stressed in the statement.