The Premier Soccer League (PSL) has announced a R15‚1 million profit for the financial year ended 31 July 2016 after sponsorship and broadcast revenue increased from R735million to R853million. Increased revenue from tournament gate takings also improved from R10‚1 million in the last financial year to R25‚2 million in the year ended July 2016.The PSL posted a R1‚3 million profit last July and the improvement to R15‚1 million can also be attributed to reduced costs and frugal spending.PSL chairman Irvin Khoza — who retained his position as chairman after he was voted unopposed at the league's annual general meeting in Monte Casino on Tuesday — said the league is in a healthy financial state.‘‘What is also exciting is that we had a clean audit and also our solvency has been reduced to almost zero. I think the organisation is floating positively‚” Khoza said. The PSL chairman has been at the helm since 2002 and he returned to the position to lead an executive committee that includes Kaizer Chiefs boss Kaizer Motaung‚ Black Leopards owner David Thidiela‚ BidVest Wits’ Jose Ferreira‚ Bloemfontein Celtic’s Khumbulani Konco‚ acting PSL CEO Mato Madlala‚ Mamelodi Sundowns’ Dr Rejoice Simelane and Supersport United’s Stanley Matthews.‘‘We are now bracing ourselves as to how we deal with things going forward‚" Khoza said.‘‘The challenge is how we adjust in this tough economic climate because we cannot guarantee a lot of things‚ especially sponsorships.‘‘We need to be innovative as the PSL and say how do we position ourselves.‘‘I did say last time that our broadcast division is very deep in work and they have just returned from overseas to deal with policy issues around betting.‘‘Remember the copyright of our fixtures and we need give permission to betting house so that there is enough income generation streams from that part of our property.”Khoza said they also intended to take advantage of the opportunities provided by data and other digital-related avenues.Khoza said after the appointment of the next executive committee‚ the PSL would finally be in a position to set time frames and announce with absolute certainty when a new CEO will be appointed.Madlala has been acting CEO since last November and she stepped in on a interim basis after Brand de Villiers' resignation.Khoza said they could not appoint Madlala on a permanent basis as she needs to attend to her club Golden Arrows.‘‘It has been an advantage to have Sis’ Mato as acting PSL CEO.‘‘She has done a wonderful job and that is why all the clubs are raving about her to a point where they are asking her to resign from Golden Arrows and become permanent PSL CEO.‘‘That’s just not possible. But we will take advantage of her skill because she is an accountant by training and this came in very handy.”Khoza said while he is happy to take the company forward‚ he is mindful of the reality that there needs to be a succession plan in place to ensure that new football leaders like Floyd Mbele‚ Jessica Motaung and Konco‚ among others‚ pick up the baton.‘‘I'm very excited with my new team and I feel like a kid in a candy shop.”- TMG Digital..