The massive loss comes in a year that has seen a number of former top association officials – including former CEO Leslie Sedibe and former president Kirsten Nematandani – receive five-year bans from global football body Fifa over pre-2010 World Cup match-fixing allegations.
Jordaan attributed the loss to having to fund teams in the absence of sponsors and the cost of funding the developmental, grassroots level of the sport.
“This pressure on revenue, when combined with the cost of supporting successful national teams without sponsors and funding development in line with our commitment, has meant that we have this year reported a loss position in our finances of some R40 million,” Jordaan was quoted saying in a Sport24 report.
“It is incumbent on all of us and in particular, our administration, to ensure that we do not have a repeat of this in the coming year.”
Jordaan said Safa had successfully managed to build a football property portfolio profile, including Safa House, which is valued at R70 million, and the National Technical Centre, valued at R100 million, which has gone a way to curtailing expenditure and augmenting revenue streams for the association in the future.
“The Legacy Trust has a cash deposit of R290 million. The total base is therefore solid, but we need to increase our commercial revenue to over R300 million,” he said.
“I say this because for the first time we can see ourselves moving clearly towards the football goal of our Vision 2022 strategy. You all remember that the goal of this vision is to create the structure to produce consistently successful national teams, all of which should be ranked always in the Top 3 in Africa and the Top 20 in the world.”
It would seem that this dream is in the very distant future as current Fifa rankings place Bafana Bafana in 60th position, substantially down from its 1996 heydays when the team was ranked the 16th best team in the world.