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FIFA has announced that it plans to significantly increase the prize money at next year’s World Cup finals to 332 million Swiss francs (£146.6m).

The figure represents a 38 percent rise on the 2002 tournament.

FIFA posted annual profits for 2004 of 158 million Swiss francs, an increase of 12 percent compared to 2003.

“We have taken another significant stride towards our goal of having equity of between 350 and 450 million Swiss francs by the end of 2006,” said FIFA President Sepp Blatter in a statement.

“That equity, together with the results we have already posted from marketing, will further strengthen FIFA’s solid financial foundations.”

the figures show that FIFA has recovered from the problems caused by the collapse of its TV rights partners, ISL and Kirch, in 2001 and 2002.

“That was a noisy and unnecessary chapter in FIFA’s history, but now we are looking forward with great, great optimism,” added Blatter.

“We have learnt our lessons from the events of 2001 and 2002.”

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