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AFCON: The Jewel of Africa - SBI Barcelona

AFCON: The Jewel of Africa

The Africa Cup of Nations also known as AFCON is possibly Africa’s biggest football festival. Hosted by Cote d’Ivoire for the second time, the 34th edition of AFCON is halfway done and throwing up quite some surprises. We take a step away from the footballing action at AFCON to understand its unspoken business side

 

AFCON: The Crown Jewel

 

AFCON: The Jewel of Africa - SBI Barcelona

 

The Monies behind AFCON 2023

 

It has been reported in BBC Sport Africa that Ivory Coast have invested around $1bn with respect to hosting AFCON 2023. The investment includes aa shiny new 60,000-seater stadium on the outskirts of Abidjan costing approximately $260mn, upgrading several other stadiums the other four venues, building infrastructures like new bridges, upgrading hotels and roads with the expectation of a boosted tourism in the month-long event. The Ivory Coast is position itself as a tourism destination and aims to establish tourism as the third pillar of its economy with a target of attracting 5m foreign tourists per year and creating 700,000 jobs in the sector by 2025

 

Prize Money

 

In January 2024 CAF announced that there will be a 40% increase in prize money for the winners of AFCON 2023 along with an increase for all competitors reaching quarter final stages.

 

  • Winner of the tournament to receive $5million
  • Runners-up $2.75million
  • Semi-finalists $2.2million
  • Quarter-finalists $1.175m

 

Prize Money Breakdown

 

AFCON: The Jewel of Africa - SBI Barcelona

 

Sponsorship

 

AFCON is a key event organized by CAF and possibly the highest commercial revenue generator. In 2023, CAF recorded commercial revenues of $125.2mn. Close to 43% of the commercial revenues, $54.25mn was recorded in AFCON 2021. It is expected that AFCON 2023 will exceed that amount. In 2023 alone, CAF announced 12 new partners and have a tiered partnership structure, as given in the adjoining chart.

 

Commercial Partners: CAF/AFCON 2023

 

AFCON: The Jewel of Africa - SBI Barcelona

 

TotalEnergies is the principal partner, signed a 8 year agreement in 2016 for a reported fee of $250mn. Another long standing partner has been 1XBet, the Russian betting company who signed a 10-year agreement for a reported fee of $65.4mn

 

(Data source: AFCON Overveiw, ASUNIFIED)

 

Kit Sponsor in AFCON 2023

 

Kit partnership for the 24 teams is as varied as can be having 18 apparel brands between them. In 2021, there was 16 brands!

 

Puma with 6 teams bags the largest team share followed by Umbro at 2 teams

 

AFCON Impact in European Leagues

 

AFCON is probably best understood when one looks at the impact of players missing in the European Leagues. As per a report from KPMG in 2021, there are over 500 footballers in European leagues with Senegal, Morocco and Nigeria having the highest number of players. The number probably is higher now

 

Why is this important? Look at the chart below to see the number of African players representing their respective countries in AFCON 2023 and will therefore be missing in Europe

 

African Talent Pool in Big Five Leagues

 

AFCON: The Jewel of Africa - SBI Barcelona

 

That makes a total of 182 African players or almost 30% of the total players playing in AFCON 2023

 

The impact of African players in European football is immense and that makes AFCON one of the most important tournaments to watch out for.

 

And not to miss out on Saudi Pro League who will miss as many as 25 players as they play in AFCON 2023!

 

Conclusion

 

AFCON might just be the most important tournament to showcase the culmination of talent and create awareness of its vast pool of football players for the rest of the world. For the people of Africa, it is uniting, it brings them together for a month of celebration of the best footballing talent that the continent offers and of course, a huge set of economic benefits expected for the host country

 

Image source: Goal.com

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