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FIFA Establishes $75 Million Insurance Fund for Soccer Players

Soccer’s governing body set up an insurance policy to pay clubs a maximum annual payout of $9.7 million per player injured while on national team duty.

FIFA has committed $75 million for the policy, which can pay as much as $91 million. It begins in September and expires at the end of 2014. FIFA Secretary General Jerome Valcke called the policy “important” in comments at the organization’s annual meeting in Budapest.

The new provisions follow a dispute between soccer’s governing body and clubs, who’ve long argued they should be covered against injuries to players, who are owed millions in salaries even when they can’t play.

FIFA’s payouts will vary depending on the size of the injured player’s contract. Clubs will be paid a daily maximum of $27,000 a player.

The insurance program will start after the European Championship in Poland and Ukraine. The region’s governing body, UEFA, is providing insurance for the 16-team event and all national team matches involving players who earn a living in Europe until Sept. 1.

To contact the reporter on this story: Tariq Panja in Budapest at tpanja@bloomberg.net

To contact the editor responsible for this story: Christopher Elser at celser@bloomberg.net

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