FIFA has revealed that it has cash reserves of nearly $1.5 billion (€1.1 billion).

The second day of the annual FIFA Congress is taking place in Sao Paulo on the eve of the 2014 World Cup.

Delegates have heard how the world football governing body made a surplus of $72 million (€53 million) last year and now holds $1.43 billion (€1.06 billion) in saving.

As a result of FIFA's success, each national association is now set to receive a 'World Cup bonus" of $750,000 over the next six months while each regional confederation stands to earn an extra $7 million bonus.