The U.S. Soccer Federation is projecting a major loss for the 2020 fiscal year.
A deficit of nearly $28 million has been projected for 2020, the organization announced on Saturday at the Board of Directors meeting . The amount is roughly $16.8 million more than originally planned and do not include the full impact of the COVID-19 pandemic which continues to hit the country.
Revenues for the 2020 fiscal year were $129.2 million, about $2.6 million below what was budgeted, USSF Chief Financial Officer Pinky Raina stated in her presentation at the meeting. Expenses proceeded to be the larger impact, coming in at $157 million, which was $14.1 million more than what was budgeted.No projected numbers have been announced yet on what the impact from the COVID-19 pandemic will bring. The U.S. Men’s National Team has not played since January, postponing a pair of European friendlies scheduled in March and seeing the Concacaf Gold Cup Semifinals and Olympic Qualifying Tournament postponed.Seven U.S. Youth National Teams have also been shut down for the rest of 2020 and there is no scheduled determined yet for the Senior Men’s National Team for the Fall.
Due to volatility in the financial markets, the USSF brought in less investment income for 2020. Fundraising also came in lower than expected and the USSF also had higher legal expenses.
Raina expects an increase in the deficit for the 2021 fiscal year due to “COVID-19 and market volatility.” More on these factors will be known at the Board’s September meeting.
There is no timetable for U.S. Soccer teams to return to play for both the Men’s and Women’s teams.
