Football's world governing body, FIFA, has expressed confidence in its Swiss president, Sepp Blatter, after receiving assurances that the organisation's finances are on a firm footing.

Blatter had been threatened with a vote of no-confidence following the controversial collapse of FIFA's marketing partners, ISL. But on Saturday he was met with a standing ovation during an Extraordinary Congress in Buenos Aires, after telling delegates that FIFA would honour all its commitments to its member federations.

"You are not in any way touched by this difficult situation we went through," Blatter insisted.

Blatter reiterated his belief that FIFA's total losses from the collapse of ISL would amount to SFr 51 ($28.22 million), which he said the organisation would recover by a mixture of cost-cutting and increased marketing revenues.

"I am sure this will lead us to a successful end to this year and a wonderful World Cup in 2002," he added.

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