Record surplus for NZ Football

Prizemoney from the World Cup in South Africa accounts for the majority of New Zealand Football's $7.7 million surplus. Photo / Getty Images

New Zealand Football (NZF) chairman Frank van Hattum says the organisation's record $7.7 million surplus has already been reinvested to keep the sport in good health.

The surplus for 2010, confirmed at the sport's annual congress in Auckland today, represents the third consecutive year NZF has been in the black after four consecutive deficits from 2004 to 2007.

Prizemoney from the World Cup in South Africa accounts for the majority of that figure, but increased commercial revenue has seen the net surplus rise to $756,000, the largest in at least 10 years.

Van Hattum said the onus was now on NZF to invest wisely and navigate its way through the years ahead without looking to large payouts from Fifa, the sport's world governing body.

"Last year was a high tide mark in terms of income but it equips us to take advantage of the opportunity our increased profile and the current goodwill towards the game offers us," he said.

"For the game's sake, it's an opportunity that we cannot afford to miss, and we don't plan to.

"Through some very hard work, we're in a stable and sustainable position now and together with our federations we are implementing a strategy to move the game forward."

NZF last year established the independently-governed New Zealand Football Foundation with $4m seed funding to support grassroots initiatives and attract new funds to the sport.

It also re-established $2.5m in reserves for international activity so national and age group teams could gain international exposure to qualify for and be competitive at Fifa events without relying on a potential four yearly "World Cup windfall" or impacting on grassroots development.

The repayment of a $1.5m loan, taken out when NZF had a net working capital shortage of more than $US2m in 2007, had been completed a year ahead of schedule.

The sport's annual congress also confirmed a new seven member board with Bill Moran reappointed for a four-year term.

Former co-opted board member and current Canoe Racing New Zealand chief executive Paula Kearns was appointed as a full member on a three-year term, and Auckland-based business director and consultant Martin Fenwick was appointed on a one-year term.

Kearns and Fenwick replace Andrew Titter, who resigned due to work commitments in Australia, and Peter O'Hara, who stepped down to take on a project manager role inside NZF.

- NZPA