Canada Soccer reports 2024 loss of $4 million, looks to eliminate deficit in 2026

Canada Soccer has recently reported a loss of $4 million in 2024, which is an increase from the $2.5 million deficit in the previous year. Despite the larger than expected loss, the governing body was able to cover the gap using cash reserves, leaving Canada Soccer with $5.9 million remaining in reserves. Kevin Blue, the chief executive officer and general secretary of Canada Soccer, acknowledged that operating with such significant deficits is not sustainable. He stated that the goal is to reduce the deficit in 2025 and eliminate it by 2026.

In 2024, Canada Soccer generated $37.546 million in revenue and incurred expenses of $41.117 million. This is a significant increase from the $34.505 million in revenue and $37.187 million in expenses reported in 2023. The 2024 revenue included approximately $2 million in philanthropic donations, part of a larger commitment of over $10 million. These donations have allowed Canada Soccer to hire national team coaches Jesse Marsch and Casey Stoney.

Membership fees accounted for $7.2 million of the 2024 revenue, while commercial and other fees contributed $15.9 million. Government grants totaled $3.7 million, and FIFA and CONCACAF grants amounted to $10.7 million. Expenses in 2024 included $21.1 million allocated to national teams and $6 million in general and administrative costs.

Canada Soccer is entitled to receive between $3 million and $4 million annually from Canadian Soccer Business, which manages the association’s broadcasting and sponsorship rights. The current agreement with CSB is set to run through December 1, 2027, with a potential extension to December 31, 2037. Negotiations are ongoing between Canada Soccer and CSB regarding the restructuring of the rights agreement.

Additionally, Canada Soccer received a $5 million USD loan from FIFA in June 2023 as part of the organization’s COVID-19 Relief Plan. The loan, which does not accrue interest, is designated for national teams of all age categories and staff costs. Repayment of the loan is scheduled to begin in 2027, with $1 million USD to be repaid annually through 2031.

Overall, Canada Soccer is facing financial challenges, but with strategic planning and adjustments, the organization aims to improve its financial standing in the coming years. The association remains committed to supporting its national teams and investing in the development of soccer in Canada.