FIFA Crisis Reportedly Results in £67m in Losses

FIFA's widespread corruption scandal is hitting the bottom line hard, as world football's governing body reported £67 million (around $100 million) in financial losses for the 2015 calendar year.

According to a Press Association report (via the Guardian), losses stem from sponsors' dropping out and legal bills from the organization's corruption scandal. The Press Association named Emirates, Sony, Castrol, Continental and Johnson & Johnson as the biggest sponsors to drop out. FIFA had previously not reported a loss since 2001.

The 2015 calendar year has been mired in controversy for FIFA, which saw multiple high-ranking officials arrested amid allegations of widespread corruption. Authorities alleged members of FIFA brass took bribes in exchange for votes and misallocated millions in funds, which went to lavish trips and other services provided to officials.

The controversy led to the ousting of President Sepp Blatter and a massive reorganization of the governing body's top officers. There are also a number of other financial reforms aimed at keeping FIFA operating that are being considered.

"Don't think that FIFA is dead," said Michel D'Hooghe of FIFA's Executive Committee, per the Press Association. "I have the assurance that, if FIFA and the Congress can accept the reforms, then FIFA has a good future. But we must know that this is a deep crisis. We must accept that and approach that with great humility."

It's unclear how FIFA will get itself out of the financial situation going forward. However, news of the massive losses is just another blow for perhaps the world's most embattled sports organization.

Follow Tyler Conway (@tylerconway22) on Twitter.