FAI releases 2024 accounts ahead of November AGM

The Football Association of Ireland (FAI) has managed to reduce its legacy debt by €1.2m according to 2024 accounts that were released ahead of next month's AGM.

The financial highlights included a profit and loss surplus of €1.8m recorded based on turnover of €61.6m, compared to a surplus of €3.5m on turnover of €62.3m in 2023.

The association’s net assets stand at €11.5m versus €9.7m in 2023, while the cash balance was €0.9m, down from €1.6m in 2023.

A statement read: "The reduction was driven by the Association’s continued commitment to repay its legacy borrowings, and so reduce the interest burden it faces. Given the reduction in reserves, consideration over the Association’s longer term debt strategy is ongoing. The Revolving Credit Facility of €10m remains in place offering the association a guaranteed credit line beyond its existing overdraft facility.

Using cash reserves to pay down debt helped reduce bank and other borrowings to €42.0m at the end of 2024 compared to €43.2m in 2023.

Match-related income decreased by over €4m to €14.3m "due to no Women’s World Cup revenues in 2024 and a lower number of home internationals during the year".

Sky coming on board as men's sponsor as well as women's sponsor helped commercial revenues increase to €22.9m, up from €20.8m in 2023.

The FAI received €6m in grant funding to support football development at all levels from Sport Ireland in 2024.

FAI CEO David Courell said: "It is important to note that the Association, while it has its challenges, has continued to deliver on its 2022-2025 Strategic Plan by virtue of the hard work being done by all involved in the game to help us realise its full potential."

Click here to read article