CONCACAF retains Alvarez & Marsal in wake of FIFA scandal

Tue Jun 30, 2015 12:00pm EDT
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TORONTO, June 30 (Reuters) - CONCACAF, the regional body that oversees soccer in North and Central America, said on Tuesday it has retained Canadian restructuring specialist Alvarez & Marsal to help clean up house in the wake of the FIFA bribery scandal.

A number of former CONCACAF officials have been ensnared and indicted in the FIFA bribery scandal. Reuters reported last week that CONCACAF's lead sponsor, Bank of Nova Scotia, had warned the regional soccer body that it will withhold funds from the sponsorship deal unless CONCACAF cleans house.

CONCACAF, or the Confederation of North, Central America and Caribbean Association Football, said Alvarez & Marsal will do a four- to five-week assessment of CONCACAF's operations and recommend certain improvements to financial reporting processes, spending and cash flow management, third party vendor relationship management, and organizational effectiveness. (Reporting by Euan Rocha; Editing by Peter Galloway)