Figures revealed at CONMEBOL's 72nd Ordinary Congress, held by videoconference because of the coronavirus pandemic, showed the governing body made annual revenues of $509million (£410million, €468million), reports Sports Pro Media.

The revenue figure for the year end December 2019 represents more than double what CONMEBOL generated in 2018, when it reported turnover of $227 million (£183million, €208million).

This year's figure also marks an improvement of 146 per cent since 2015, the year prior to Alejandro Domínguez taking over as President of the confederation.

CONMEBOL said it had reinvested 93 per cent of its revenue for 2019 – equivalent to $451 million(£363million, €415million), back into football.

“The data presented reflects the great work done by each and every one of the members of CONMEBOL to transform the institution and South American football under the criteria of transparency, professionalism and rigour in management,” said President Domínguez. 

“We really are a continent that believes big and has shown what we are capable of when we act in a coordinated manner and with the same commitment.”

CONMEBOL also unanimously approved at its Congress the creation of a $27 million (£21 million, €24 million) coronavirus crisis reserve fund to help it face what the organisation described as "contingencies that may arise in the future".

Speaking about the coronavirus pandemic, Dominguez said CONMEBOL is in a position to “face these exceptional circumstances with confidence” and to implement the necessary response to the pandemic “both financially and institutionally”.

As part of its response, CONMEBOL has made up to $65 million (£52million, €59million) available so clubs that compete in the Copa Libertadores and Copa Sudamericana, South America’s elite club competitions, can rely on an advance of up to 60 per cent of their participation rights.

“As leaders, we must take care of soccer, be aware of its importance, of the sources of work it generates, not only for soccer players but for everything around them,” Domínguez said.

“That is why we must be responsible in decision-making, that protect football and that minimise, as far as possible, the social and economic impact of this situation."

Two of CONMEBOL's football competitions, the Copa Libertadores and Copa Sudamericana are suspended until at least May 5, while the 2020 Copa America national team tournament has been postponed a year until 2021.

The Copa America will take place on identical dates to the rearranged European Football Championships - June 11 to July 11 2021.