Sepp Blatter: FIFA has $1.2 Billion in Coffers

Sepp Blatter is smiling all the way to the bank.

The FIFA president said the international soccer body has $1.2 billion in the bank – thanks in large part to a successful 2010 World Cup in South Africa.

Blatter tells African football leaders that the financial results were better than the 2006 World Cup hosted by Germany. He said more details of its success will be published next week in FIFA's annual report.

FIFA began the World Cup year with reserves of $1.06 billion. FIFA said that money could sustain it for 18 months if a World Cup was canceled.

Blatter opened the Confederation of African Football assembly saying the continent should be proud of organizing the World Cup which helped Africa find more pride and confidence.

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Based on reporting by The Associated Press.

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