AFRICAN football has for the first time declared its finances to be in a healthy state as it announced a record surplus and strong equity and cash balance at its congress in Libreville on Friday.

The Confederation of African Football (CAF) said its financial strength continued to grow with equity of $55.9-million and a cash balance of US$47.9-million at June 30 last year.

“Our financial performance was close to forecast, giving a surplus of $5.8-million against a budgeted $5-million, primarily due to better cost management,” said Suketu Patel, chairman of its finance committee.

“I can say our finances are approaching a comfortable level,” he told delegates in the Gabon capital ahead of Sunday’s Africa Nations Cup final.

CAF has had a considerable increase in its revenue in recent years.

A seven-year deal worth some $140-million in television and marketing revenue was signed in 2010, a more than 100 percent increase in what the previously cash-strapped organisation earned from its showcase competitions some five years ago.

Sportfive, part of Lagardere Sports, paid $46,8-milion for four successive editions of the African Nations Cup finals, starting with the 2010 tournament in Angola to the 2015 finals in Morocco.

Up to 2008, CAF earned $5,5-million every two years for Nations Cup rights.

A seven-year deal for the rights to the African Champions League and the African Confederation Cup, the two annual club competitions, earns CAF $71,4-million through until 2017.

Previously African football’s governing body were paid $5-million annually for the club competition rights and before 1997 did not get a single cent.

CAF now also earns revenue from several other competitions, including youth events.