3 days Ago By Niall McGrath
THE FAI hope to have wiped out their debt of €40million by 2031 — but have not ruled out taking out more loans. The association’s arrears fell to €43.2m in 2023, down from €50.
9m at the end of 2022. Advanced core grant funding from the Government, to the tune of €5.8m, has also helped.
And David Courell confirmed that the debt repayment schedule will continue at a fierce rate. The FAI interim CEO said: “Our financial accounts for 2023 show our debt stands at €43m. We continue to pay down the debt, we currently stand at around €40m.
“That schedule of repayment has a horizon to 2031, we recognise that is a pretty aggressive debt-repayment phasing. “We are considering all options for the potential of extending that debt, but only prudently. The reason we carry this volume of debt is because of our investment in the Aviva Stadium.
“That asset has a life cycle much longer than 2031. We’re considering our options regarding our debt.” While a more positive financial outlook was presented at Saturday’s AGM, the prospect of redundancies at HQ in Abbotstown has not been ruled out.
Courell added: “We want to mitigate the risks of having to cut within the association so we’re continuing to push as hard as we can to improve our commercial income and generate additional grant funding or any other solutions that could see investment in the game. “But we also need to be responsible. As an association carrying €40m debt, we will have to make some challenging decisions over the next couple of years.
“If I’m honest, 2025 and 2026, as we get closer to 2028, it will start to alleviate with the benefit of hosting Euro 2028 but we’re not out of the woods yet.” One of the key pillars of the FAI’s manifesto, as shared with delegates at the weekend, is a push to increase their share of the Government’s betting levy. The association proposes that Ireland’s current rate of two per cent is increased to three.
They claim that would generate a further €30m annually and the FAI want a larger piece of the pie. According to the association, football accounts for 31 per cent of all bets wagered in this country. However, FAI chairman Tony Keohane revealed it is perhaps too early for that to come into effect.
Keohane said: “From the conversations that we have had, my judgment would be that it is maybe a little too soon. “We’re getting very little pushback, if any, in terms of what we might do with the money or a need for the money. “The concern, or the work, is on how do you get us the money? Rather than if you got it, what would you do with it.
It’s pretty clear. “Nobody disagrees with the need. Nobody disagrees with where the money, at a high level, would be spent and why.
It is how do we get it is the focus, is our concern.” Meanwhile, Caroline Rhatigan’s election to the FAI Board was ratified on Saturday. Rhatigan will represent the League of Ireland on the board.
Having been part of the now-defunct Kilkenny City, Rhatigan has gone on to have a long-standing association with Longford Town. She replaces Niamh O’Mahony..
