Thursday 8 December 2016

The financial situation facing governing body

Published 09/09/2010 | 05:00

THE FAI's 2009 accounts showed that, at year's end, they had bank and other loans totalling €46,062,570.

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Recently resigned director of finance Mark O'Leary told the AGM in Wexford the net bank debt was in excess of €38m.

In 2010, the FAI had to make a further contribution of €21.9m towards the building of the Aviva Stadium.

John Delaney refused to confirm or deny if this involved additional borrowing, stating that it would become apparent what the association owes at next year's AGM.

However, at an FAI Council meeting earlier this year, the board of management was granted permission to seek further seven- figure borrowing.

Considering the association's operating surplus in 2009 of €5,152,247 was widely acknowledged as an exceptional year, it is difficult to see how they could justify writing out a cheque for €21.9m without amending their lending arrangement -- although Mr Delaney did say, at the launch of the 'Vantage Club' project in 2008, that "if we had to write the €74m cheque tomorrow, we would write it tomorrow".

Irish Independent

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