World football's governing body FIFA has four weeks to save next year's Korea/Japan World Cup after the French insurance company Axa said yesterday it would not cover the event unless it received more money because of increased security risks following the September 11th attacks in the US.
Sepp Blatter, president of FIFA, said the contract to cover the finals expired on November 11th and unless a new policy was negotiated it could put the tournament at risk.
Following increased worldwide security concerns, Axa insists that the $17 million premium it negotiated with FIFA to cover the World Cup for up to $888 million is not enough. The policy covers risks such as cancellation, terrorist attacks, problems with money from marketing rights and bank guarantees.
Blatter said: "It really boils down to a question of money and they clearly want a bigger premium. The deal will have to be renegotiated because the World Cup cannot go ahead without insurance."
Next year's World Cup is to be held from May 31st to June 30th.
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