Fam budget hits K1 billion
Football Association of Malawi (Fam) has budgeted about K1 billion for its operations in the 2018-19 financial year.
This was disclosed on Saturday in Mzuzu during the association’s Annual General Assembly.
According to the operational budget, the country’s football governing body has a deficit of over K400 million.
Fam President, Walter Nyamilandu, said commercialisation of football will be prioritised in the new financial year as one way of sourcing extra resources to overcome the deficit.
“We have presented an ambitious budget and it has been adopted. Of course, there is a deficit of more than K400 million but we are very ambitious in what we want to do in the new financial year.
“The budget demonstrates that demands in football are huge. We have the government and other donors helping us to support the national team and we thank them for the roles they play.
“We are always trying to generate our own revenue because we have inadequate funding. We will, therefore, prioritise commercialisation initiatives to help us generate additional revenue,” Nyamilandu said.
The president then commended the association’s affiliates for adopting the budget.
According to the budget summary, K829 million is the budgeted revenue, K115 million has been budgeted for administration expenses and K30 million is for capital items.
Fam has allocated K494 million to the senior men’s national team, K224 million to the under-20 national team and K5 million to the FMB under-20 league while K159 million has been earmarked for competitions.
In the 2016/17 operational budget, Fam had a K90 million deficit against expenses amounting to K1 billion. The association realised K79 million in revenue from various activities.
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