FAI post small profit for 2021 as debt remains at €63.5 million
‘I am convinced we are turning the corner after our recent turmoil, as evident from a financial perspective at the very least,’ said chairperson Roy Barrett.
THE FOOTBALL ASSOCIATION of Ireland today posted a surplus of €6.7 million for 2021 but remain in debt to the tune of €63.5 million.
The annual accounts for 2021 were today published ahead of the FAI AGM, which takes place on 23 July.
The surplus was up on last year’s surplus of €1.6 million, although the Association still have legacy debt issues to manage.
“We still have a long road to travel as an organisation but, as we present our 2021 accounts, I am convinced we are turning the corner after our recent turmoil, as evident from a financial perspective at the very least,” wrote chairperson Roy Barrett in the report.
“Irish football has experienced more than our fair share of pain in the recent past so I feel we are entitled to enjoy this new sense of optimism. There is a lot of hard work to come and we are still a long way from the light at the end of the tunnel – at least now we can see the light. It is all about the future and delivering on our commitments to the football community.”
The FAI included €9.1 million of Covid-19 relief funding from government and Sport Ireland in turnover to offset the loss of income due to the pandemic.
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The Association’s net current liabilities (debts that are to be settled within one year) dropped from €13 million to €8.3 million.
Other key financial highlights include:
Borrowings increased slightly to €63.5m from €62.4m in 2020
FAI balance at the end of 2021 was €27.1m, an improvement of €11m
The FAI now having net assets of €2.7m compared with a net liability position of €4m in 2020.
The FAI also received €5.8m in grant funding of football programmes from Sport Ireland in 2021, the same as in 2020.
The FAI’s contract with contract with Three expired in July 2020, meaning they’ve now gone two years without a sponsor for the senior men’s team.
“The publication of our accounts for 2021 represents a further important step in stabilising the business and financial affairs of the FAI after a few turbulent years,” Barrett added.
“In 2021 we increased our turnover, achieved an increased surplus, improved our cash flow and stabilised our debt. This was achieved by improving our commercial income significantly, controlling our costs well and availing of Government support in the form of grant funding for football programmes and COVID-19 relief for which we are very grateful.
“In addition, we embedded a range of governance reforms including the adoption of a new Constitution and new governance structures in the Association, with greater accountability to members, the election of a new Board and, as we moved into 2022, we have continued to strengthen the management team.
“We’re continuing to make steady progress and we believe that we now have a stable foundation on which we can build the future of the Association as we enter our second century. However, growing the game in line with our ambition will require the support of everyone in the football community.”
Jonathan Hill, FAI CEO added: “2021 was a year of very significant progress for the Association during which we continued our journey of transformation as to become a modern, progressive, fit-for-purpose organisation.
“We undertook an extensive consultation process which culminated in the publication of our Strategy 2022-25 in February 2022. We believe that this strategy provides a blueprint for the development of the game at all levels – local, national and international – in the next four years.
“We look forward to engaging with central and local Government, Sport Ireland, FIFA, UEFA and our commercial and media partners to make the necessary investments to grow the game and achieve our ambitious vision to use football to inspire and connect communities.
“Irish football at all levels has emerged stronger from the COVID-19 pandemic with renewed interest in our international teams, increased attendances at League of Ireland and Women’s National League games and tremendous vibrancy among grassroots’ leagues and clubs.
“I want to acknowledge the contribution of all of our FAI staff, our players, coaches, referees, administrators and other volunteers at all levels to the development of our game and especially to recognise their resilience during the COVID-19 pandemic. We in the FAI look forward to working with all football stakeholders to implement our collective strategy in the coming years.”
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FAI post small profit for 2021 as debt remains at €63.5 million
THE FOOTBALL ASSOCIATION of Ireland today posted a surplus of €6.7 million for 2021 but remain in debt to the tune of €63.5 million.
The annual accounts for 2021 were today published ahead of the FAI AGM, which takes place on 23 July.
The surplus was up on last year’s surplus of €1.6 million, although the Association still have legacy debt issues to manage.
“We still have a long road to travel as an organisation but, as we present our 2021 accounts, I am convinced we are turning the corner after our recent turmoil, as evident from a financial perspective at the very least,” wrote chairperson Roy Barrett in the report.
“Irish football has experienced more than our fair share of pain in the recent past so I feel we are entitled to enjoy this new sense of optimism. There is a lot of hard work to come and we are still a long way from the light at the end of the tunnel – at least now we can see the light. It is all about the future and delivering on our commitments to the football community.”
The FAI included €9.1 million of Covid-19 relief funding from government and Sport Ireland in turnover to offset the loss of income due to the pandemic.
The Association’s net current liabilities (debts that are to be settled within one year) dropped from €13 million to €8.3 million.
Other key financial highlights include:
The FAI also received €5.8m in grant funding of football programmes from Sport Ireland in 2021, the same as in 2020.
The FAI’s contract with contract with Three expired in July 2020, meaning they’ve now gone two years without a sponsor for the senior men’s team.
“The publication of our accounts for 2021 represents a further important step in stabilising the business and financial affairs of the FAI after a few turbulent years,” Barrett added.
“In 2021 we increased our turnover, achieved an increased surplus, improved our cash flow and stabilised our debt. This was achieved by improving our commercial income significantly, controlling our costs well and availing of Government support in the form of grant funding for football programmes and COVID-19 relief for which we are very grateful.
“In addition, we embedded a range of governance reforms including the adoption of a new Constitution and new governance structures in the Association, with greater accountability to members, the election of a new Board and, as we moved into 2022, we have continued to strengthen the management team.
“We’re continuing to make steady progress and we believe that we now have a stable foundation on which we can build the future of the Association as we enter our second century. However, growing the game in line with our ambition will require the support of everyone in the football community.”
Jonathan Hill, FAI CEO added: “2021 was a year of very significant progress for the Association during which we continued our journey of transformation as to become a modern, progressive, fit-for-purpose organisation.
“We undertook an extensive consultation process which culminated in the publication of our Strategy 2022-25 in February 2022. We believe that this strategy provides a blueprint for the development of the game at all levels – local, national and international – in the next four years.
“We look forward to engaging with central and local Government, Sport Ireland, FIFA, UEFA and our commercial and media partners to make the necessary investments to grow the game and achieve our ambitious vision to use football to inspire and connect communities.
“Irish football at all levels has emerged stronger from the COVID-19 pandemic with renewed interest in our international teams, increased attendances at League of Ireland and Women’s National League games and tremendous vibrancy among grassroots’ leagues and clubs.
“I want to acknowledge the contribution of all of our FAI staff, our players, coaches, referees, administrators and other volunteers at all levels to the development of our game and especially to recognise their resilience during the COVID-19 pandemic. We in the FAI look forward to working with all football stakeholders to implement our collective strategy in the coming years.”
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