Coronavirus Outbreak: FIFA intend on using financial reserves of $2.745 billion to support industry ravaged by COVID-19

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. [caption id=“attachment_4435431” align=“alignleft” width=“380”]  Representational image. Reuters[/caption] 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. “FIFA is in a strong financial situation and it’s our duty to do the utmost to help them in their hour of need," world football’s governing body said in a statement to The Associated Press on Tuesday. “FIFA is working on possibilities to provide assistance to the football community around the world after making a comprehensive assessment of the financial impact this pandemic will have on football.” FIFA is exploring the mechanism to provide the financial lifeline to the football industry with the six regional confederations and member associations to ensure there is an announcement “in the near future.” “The football community around the world is experiencing, to a greater or lesser extent, serious financial problems on account of the coronavirus outbreak,” FIFA said. “This threatens to disrupt and impair the ability of FIFA’s member associations and other football organizations such as leagues and clubs to develop, finance and run football activities at all levels of the game, including professional, non-professional, youth and grassroots. “It is foreseen that in many parts of the world a considerable number of persons involved in football including both men and women players will be left in extremely difficult economic conditions.” FIFA already operates a “Forward” development program to redistribute its wealth to member associations. In the 2015-18 cycle, investment dedicated to the scheme was $1.079 billion, of which $832 million had been approved and committed to member associations, confederations or regions, according to the last published financial results. **Click here to follow LIVE updates on coronavirus outbreak**