The Football Association of Ireland is mired in debt. That isn’t so surprising but today’s confirmation of liabilities of €55m might just be after its eye popping accounts were released by the FAI at a press briefing at its HQ in Abbotstown today.
Most sickening of all for fed up football fans is the settlement reached with the association’s former CEO John Delaney was €462,000.
The six figure settlement was paid to Delaney by the FAI in September and is made up of three months pay and pension contributions.
The association has published its accounts for 2018, as well as the revised figures for the two years previous. Their 2016 accounts showed a profit of €2.34m, with an adjusted figure of €0.066.
The association’s 2017 accounts showed a profit of €2.758m, with an adjusted figure is loss of €2.853m.
Dublin North West TD Noel Rock said the ability of the €55m debt laden FAI to function as going concern hangs in the balance.
“These accounts published today display huge debt burdens and come against the backdrop of the FAI losing its most lucrative commercial contract. It is a dark time for the administration of football in Ireland,” Deputy Rock said.
“There are numerous questions now that have to be answered about their financial obligations, commercial arrangements and how they intend to continue to function.
“Deloitte clearly decline to state that it is a going concern. This is a significant development as it will mean the FAI will find it difficult to obtain refinancing for its existing debt obligations. This is a concerning development for football fans. Answers and leadership are urgently needed.
“The hard-working staff, FAI coaches and volunteers across the country have been treated shambolically with this. Professional and diligent employees working for the better of Irish football have been left wondering about their livelihoods. It is simply not good enough and cannot be accepted at any level,” Deputy Rock said.
FAI has net liabilities of €55m and rising according to Audit statement. Deloitte unable to confirm it can keep on as going concern. The FAI says refinancing is almost over the line but not in time for this report. Deloitte have been auditors since 1997. #Questions #faiaccounts pic.twitter.com/GWlCTp4tEi
— Sport for Business (@SportforBusines) December 6, 2019