BREAKING NEWS: FIFA reports $369m loss

World football’s governing body FIFA on Friday announced a record $369 million loss for 2016 as it paid for the fallout from multiple scandals and bad investments.

FIFA blamed accounting changes as well as the cost of investigating the scandals for the loss but also warned that it expected a higher loss of $489 million for 2017 and admitted that it has had to spend hundreds of millions of dollars from its reserves in the past year.

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