Thursday 29 September 2016

FAI reduce debt by €10m following refinance deal

Harry Clarke

Published 10/06/2016 | 16:27

13 June 2015; A general view of the game. UEFA EURO 2016 Championship Qualifier, Group D, Republic of Ireland v Scotland, Aviva Stadium, Lansdowne Road, Dublin. Ramsey Cardy / SPORTSFILE
13 June 2015; A general view of the game. UEFA EURO 2016 Championship Qualifier, Group D, Republic of Ireland v Scotland, Aviva Stadium, Lansdowne Road, Dublin. Ramsey Cardy / SPORTSFILE

The Football Association of Ireland has reduced it's debt by €10million following a the successful conclusion of a debt refinance programme.

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The Association have now halved their overall debt in th last seven years, with the figure now standing at €35million.

FAI CEO John Delaney said that the new agreement marks a hugely significant chapter in the ongoing stability of the Association.

“The Board of the FAI and I would like to pay tribute and thanks to Denis O’Brien and his advisory support through Island Capital Ltd to achieve this positive outcome for Irish football.”

“Denis has been a great supporter of the FAI for many years, and will continue to contribute to the salaries of our senior management team with the Republic of Ireland squad for the 2018 FIFA World Cup campaign.

“I would like to thank Bank of Ireland for their continued support, and they are a key sponsor of our Post-Primary Schools Cup Competitions,” said Delaney.

Chief Executive, Bank of Ireland Corporate Banking, Tom Hayes, said: "We are delighted to partner with the FAI on this refinancing deal, an organisation which plays such a key role in promoting and supporting Irish football from grassroots to international levels.

“Bank of Ireland has worked with a number of sporting organisations over the years on initiatives including sponsorships and funding, so we're particularly proud to collaborate on this important transaction which ensures the FAI has a sound financial platform and is well positioned for continued success and growth.

“We also send our best wishes to the management and team as they embark on their EURO 2016 Finals campaign."

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