Fifa loses £300m in 2016, sets to lose further £400m in 2017

World football governing body Fifa lost nearly £300m in 2016 and is scheduled to lose close to £400m in 2017.

Legal costs related to the corruption scandal which engulfed the organisation and “ill-considered previous investments” contributed to the losses.

The latest financial results follow a loss of nearly £100m in 2015.

Fifa forecasts a financial recovery in 2018, when Russia hosts the World Cup, and expects to finish the four years since 2014 with an £80m profit.

The governing body, which is still under criminal investigations in Switzerland and the United States, paid out nearly £50m to lawyers last year.

Former president Sepp Blatter’s investments in a football museum and hotel in Zurich have proved unsuccessful so far, too, and are referred to as “ill-considered”.

-BBC