Meeting today in Buenos Aires, the Extraordinary FIFA Congress approved the creation of an independent Arbitration Tribunal for Football (TAF) amending Article 63 of the FIFA Statutes. FIFA President Joseph S. Blatter was ensured full support and given a standing ovation for his leadership in the aftermath of the ISL bankruptcy.

In his opening speech the FIFA President provided the delegates of the 202 associations present (Afghanistan and Lebanon did not attend) with a comprehensive summary of the events that had led to the bankruptcy of the former marketing and television partner, ISL, and in particular regarding the current and stable state of FIFA's finances. Taking the floor after these explanations, representatives of a dozen associations stated how these events had caused them great concern and subsequently praised the FIFA President and the Executive Committee for their far-sighted actions, transparency and commitment.

At the proposal of the Federation of Bulgaria, the delegates approved by acclamation a resolution stating their full satisfaction with his explanations and expressed their full support and confidence in the leadership of the FIFA President, who received a standing ovation.

The President in turn was pleased to see unity and trust restored in the House of FIFA. He called upon the associations and confederations to continue the work of building a house of football and to accompany him in his mission to make the game better and take it to the world.

"FIFA is stronger than ever," Mr Blatter said. "We must now maintain football at its best to preserve the value of our product." He also comforted the national associations by stating that all financial obligations towards them and the confederations would be fully met. He committed himself to ensure that the deviation of receipts of 51 million CHF as per the latest accounted figures was to be turned into a positive result thanks to additional marketing efforts and the implementation of a business plan as well as A programme to reduce costs within the FIFA organisation.

With 174:8 votes, thus clearly surpassing the necessary ¾ majority of votes needed, the Extraordinary FIFA Congress enabled the creation of the Arbitration Tribunal for Football. Of the 202 associations present five had forfeited their right to vote: Cape Verde Islands, Central Africa, Djibouti, Guinea and Niger.

The introduction of the TAF is a key element also for the revised international transfer regulations that were approved by the FIFA Executive Committee on 5 July in Buenos Aires.

Moreover, the Congress heard extensive information and reports on a series of topics such as the new transfer regulations, the rotation of the FIFA World Cup™ (reiterating that while the principles remained to be determined, the first edition after the 2006 FIFA World Cup™ would go to Africa), additional details regarding the harmonized international calendar that is to take effect as of 1 January 2002 and FIFA's e-strategy that includes a series of initiatives to make the Internet a major platform for FIFA's operations.

The event, which lasted more than six hours, started with addresses from the mayor of Buenos Aires, Dr Hanibal Ibarra, and FIFA Senior Vice-President Julio Humberto Grondona, who in his capacity as President of the Argentine Football Association welcomed the Congress participants to his native city.