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Sat May 26 17:10:41 SAST 2012

Trust fund to oversee Safa World Cup profits

Rafora Rangongo | 07 November, 2010 00:00

South African Football Association president Kirsten Nematandani says football authorities are working on establishing a trust fund which will exist well beyond the current leadership's term in office.

The fund is to oversee the proceeds Safa will receive from profits of the 2010 Fifa World Cup from football's world governing body.

"My understanding is that the trust will exist as long as football exists, even beyond our lifetime. This is an idea that has to be sold to the Safa national executive committee for more input and direction. It may be premature to discuss details of the trust, but the general idea is to build something that will look after football development.

"We also need legal experts to assist and advise us after the idea has been presented to the executive. The experts should help us draw guidelines on how football will access funds. In addition, we have to work out mechanisms on how to grow the fund for the development of football and to solicit more funds to be kept in the trust to support the growth of football," said Nematandani.

The Safa boss adds that the trust will be run by the football association and that "people with integrity in society who are not involved in the running of the sport will be encouraged to join".

South Africa is expecting between R900-million and R1.2-billion from Fifa.

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