FAI post modest surplus for 2022, debt now close to €51m

Following the publication of its accounts for 2022, the FAI recorded a surplus of €3.5m, with commericial revenue and matchday income also showing an increase, as the debt figure now stands at €50.9m.

Last year's surplus was based on turnover of €54m, compared to a surplus of €6.7m on turnover of €54.3m in 2021.

The financial results come at the end of a turbulent week for the FAI, with government funding under threat due to governance issues and the remuneration of CEO Jonathan Hill also drawing criticism from Sport Ireland.

The association's cash balance at the end of 2022 was €10.9m, down from €27.1m in 2021, driven by the repayment of a significant portion of its legacy borrowings. Bank and other borrowings are now €50.9m compared to €63.5m in 2021.

Match-related income improved again to €9.1m compared with €7.1m in 2021 as attendances surpassed pre-pandemic levels, further boosted by the men’s season ticket sales of over 18,000.

Commercial revenues increased to €15.6m, up from €13.8m in 2021, driven by the latest centralised media rights agreement with UEFA which runs from 2022-2028, as well as new and renewed partners.

Thanks to support from Government and Sport Ireland, the FAI, along with leagues and clubs nationwide, were able to avail of total Covid-19 Relief Funding of €19m having made a strong case to Government for such assistance.

This was necessary while the shadow of the Covid pandemic still hung over the game. Of this, €9.2m was included in turnover for 2021 to offset the loss of income due to the pandemic, while the €9.8m balance was deferred and recognised in 2022.

The deferred funding covered the association's ongoing loss of income and additional expenses incurred as a result of the pandemic (€9.3 million),