FAI shave over €7m off debt after positive year

The Football Association of Ireland's debt has been reduced by over €7 million as the organisation recorded a surplus of €3.5m for the last financial year.

Bumper home crowds in 2023 for the men’s team in high-profile games with France and Netherlands, as well the growth of the women’s team, saw match-related income improve again to €18.6m compared with €9.1m in 2022.

The previous year was light on attractive games and it’s likely the figure will drop in 2024 despite the upcoming visit of England for the men's team.

However the bumper 2023 revenues have certainly improved the difficult scenario the governing body finds itself in.

Commercial revenues increased to €20.8m, up from €15.6m in 2022, driven by sponsorship agreements and the centralised media rights agreement with UEFA which runs from 2022-2028.

The FAI's cash balance at the end of 2023 was just €1.6m, down from €10.9m in 2022. The drop is due to repayment of legacy debt.

The FAI is now considering its repayment strategy with a less favourable cash in hand picture.

Bank and other borrowings are now €43.2m compared to €50.9m in 2022.

The body say "given the reduction in reserves, consideration is now being given to the association’s longer term debt strategy".

The €3.5m surplus was based on turnover of €62.3m, compared to a surplus of €3.5m on turnover of €54m in 2022.

The FAI received €5.8m in grant funding for football programmes from Sport Ireland.

FAI chairperson Tony Keohane said: "The publication of our accounts for 2023 shows a continued focus and a real effort across the association to improve the welfare of the game in Ireland and the overall financial health of the business as we continue to invest in the game across the country.

"It remains a challenge for the