FIFA records $122 million loss as scandal takes toll

FIFA on Thursday announced a $122 million loss in 2015 which it blamed partly on legal fees and other extra costs caused by a corruption scandal.

Football's world body, which had a surplus of $141 million in 2014, said it was its first loss since 2002.

FIFA's revenue has increased in its past four-year financial cycle, but it blamed the loss on "expenses and higher competition costs, but also due to unforeseen costs such as legal fees and costs for extraordinary meetings."