FIFA made a profit of 141 millon Swiss francs (£60m) in 2003 to restore its financial credibility, according to president Sepp Blatter.

FIFA said it could lay claim to equity totalling 94 million and cash funds of 341 million at end-2003.

The collapse of FIFA’s marketing partner ISL in 2001 and Germany’s Kirch media empire in 2002 hit FIFA’s finances and there were fears the organisation would implode.

In May 2002 it estimated it would lose 134 million in the 1999-2002 period. The dire financial situation forced FIFA to postpone the World Club Championships which were scheduled to be held in Spain in 2003.

But, in April last year, it reported a profit of 115 million for the four years which culminated in the 2002 World Cup in South Korea and Japan.

“The financial credibility of our organisation has finally been restored,” said FIFA president Sepp Blatter of the 2003 results.