herald

Thursday 15 November 2018

FAI has a debt plan but won't reveal it yet

FAI CEO John Delaney. Photo: Sportsfile
FAI CEO John Delaney. Photo: Sportsfile

The good news is that the FAI plan to knock a further €10million off their debt in the next 12 months.

The bad news is they won't reveal yet how that will happen.

Representatives across the game here will gather in Cork next month for the FAI's AGM, but as a taster of what's to come, the association held a briefing for the media at their Dublin HQ yesterday, keen to stress the positives from the annual accounts.

The main points, for the FAI, is that revenue is at €49m (down from the 2016 figure) but their financial surplus for the year is up, to €2.75m, though the association's bank debts now stand at €29m.

"We had a debt of €70m, it's now for the first time under €30m, it will be under €20m next year. If the association takes the view, which we'll present to the members at the AGM, we can demonstrate how we can be debt free," FAI CEO John Delaney said.

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"It's a good day for Irish football when you can say the debt is below €30m and it will be below €20m next year.

"How we get ourselves to being debt free is actually what we're going to do. We've demonstrated through the year that we've been able to deal with it and drive the debt down."

However, despite advance notice to the media that Delaney "will answer all questions in relation to the financial aspects of the association" he declined to elaborate on their financial plan.

"Let us outline to the members, as they're entitled to. You'll get numbers at the AGM. You'll get the plan," Delaney told a media briefing.

"There will be another press briefing with you guys on the Thursday before the AGM. If you've got questions in between, put them in writing. The bank debt is €29.5 million. We will deal with that, like I said. If you have any further questions on what you get today we will deal with that prior to the AGM and then at the AGM."

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