Local Organising Committee CEO Danny Jordaan on Tuesday revealed that he had wiped out a R70m debt he inherited as Safa CEO five months ago and now the soccer body's coffers are about R100m in the black.

Jordaan stepped in to rescue the ailing Safa finances late last year when the money situation was reaching crisis point.

He now says he can look forward to running the committee with the knowledge that Safa is in a healthy financial position.

Said Jordaan: "I never slept for those five months. It was tough, but worth it. But it had to be done. I managed to secure a lot of new sponsorships and that helped us get out of the red."

Jordaan was speaking on Tuesday at the announcement of a combined sponsorship deal worth about R10m.

"Avis Rent-A-Car, Southern Sun Hotels and South African Airways all pledged their resources to Safa until after the 2010 World Cup finals.

Massive help from sponsors

"All three companies were involved since 1996 when we won the African Nations Cup.

"I am delighted to see them renew their partneships with us for the next five years.

"It is a massive help having our leading airline, care hire company and hotel group supporting us and the football fans who are expected to visit South Africa during the World Cup in 2010," he added.

Jordaan has generated over R180m in sponsorships and said he handed over a healthy Safa to his successor Raymond Hack, the new CEO.

Jordaan stressed that in order for Safa and the committee to organise and run a successful 2010 World Cup, they had to ensure that Safa as the mother body was in a strong position, not just financially, but administratively as well.

Safa must be a world-class organisation, with managers and leaders who can take us forward into 2010. That is why we will be assigning a number of officials and administrators to be seconded to the 2006 World Cup finals in Germany to gain invaluable experience of how the Germans run the World Cup," he said.

Source: News24.com