FAI increased loans by €20m in 2020

Reclassed bank loan brings current net liabilities down to €13 million

 

Borrowings by the FAI, mainly from the Bank of Ireland and Fifa, increased from €42.9 million in 2019 to €62.4 million last year.

The association’s accounts for 2020, audited by Grant Thornton, have been approved by its newly formed board of directors ahead of their annual general meeting on July 25th. Net current liabilities of €69.7 million in 2019 have fallen dramatically to €13 million due to the bank loan being “reclassed” from a current to non-current liability.

The FAI also highlighted, while noting a surplus of €1.6 million, that Uefa’s centralised commercial revenue streams will provide “reliable and consistent” cash flows until 2028.

“Thanks to the ongoing and welcome support from Government and Sport Ireland we were able to manage our finances in a positive way in 2020, across all levels of our game,” said FAI chairman Roy Barrett. “Together with the support provided to us by Fifa (a $5 million, interest free loan) and Uefa and the strict and careful management of our variable costs as we came to terms with the impact of the pandemic. We met this financial challenge head on with our operating costs €5.7m lower in 2020 compared to 2019.”

Barrett also promised that the board are nearly done polishing a brand new strategic vision “to move Irish football forward.”

Speaking directly to FAI staff, the outgoing Goodbody managing director added: “There is a lot more to be done but we will get there, together.”

The financial report also addressed an ongoing investigation by the office of the director of corporate enforcement (ODCE) into FAI governance over a 17 year period.

“The association has made unprompted, prompted and voluntary disclosures to the revenue commissioners,” stated Barrett and FAI president Gerry McAnaney in the directors’ report. “An external professional services firm was engaged to assist with this full review. The directors believe these statements include adequate provisions to address the underpayment of employment taxes and VAT liabilities.”

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