FAI to discuss debt crisis in online general meeting

This mountain of debt was calculated to the end of 2019 before the effects of Covid-19 further decimated their cash flow, forcing a €13.2m draw on Sport Ireland’s resilience fund and the acceptance by Fifa of a loan of 4.1 million euros without interest. loan during 2020.

It will again be difficult in Tuesday’s final interaction to ignore the legacy of John Delaney’s reign, especially when members learn that Irish football will be saddled with the Aviva Stadium mortgage until at least 2040 .

Delaney’s prediction to repay the €28.5million loan by 2020 turned out to be wild once the wreckage of the former chief executive’s 15-year tenure began to unravel the year last.

Then-chief executive Paul Cooke spoke 12 months ago about refinancing the mortgage with the Bank of Ireland as part of a 15-year deal.

This, however, has now been revised as the Association tackles a cash flow crisis.

A series of audits revealed previously undisclosed liabilities, such as a €3 million package of gold handcuffs owed to Delaney if he had completed his last contract.

At least €4m in legal costs related to ongoing investigations have been incurred, while revenue audits revealed a further €3.58m in back taxes and penalties due.

The new board had hoped to cut its losses on the €6.5million it owed Sports Direct by reaching a settlement, but the onset of the pandemic – eliminating sources of revenue such as tickets to international matches – forced them to continue reimbursing Mike Ashley’s company €100,000 a month.

In 2016, the FAI signed the deal with the British clothing company with an “option agreement” to refund the money if the company was unhappy. It was called last year after Delaney’s controversial exit as general manager.

Roy Barrett, appointed the Association’s first-ever independent president last January, said when releasing the accounts in advance to members that they “reflected a tumultuous year off the pitch”.

Added to their problems is the lack of sponsors.

Three major funders have come out. The Women’s National League campaign also ended without a business partner as the new broom struggles to overcome the Association’s tarnished brand.

Tuesday offers the first real opportunity for representatives of leagues, clubs and provinces across the country to deal with Jonathan Hill.

The former England FA commercial director began his role as Delaney’s permanent successor on November 1, but Covid-19 meant he was working remotely from London.

Interim chief executive Gary Owens has remained involved as a consultant, including with a view to getting board and committee reforms ratified at an emergency general meeting on Jan. 11.

“You should be proud that Irish football is celebrating its 100th anniversary in 2021,” Hill told members of the FAI’s Board of Governors, who will attend a stand-alone meeting immediately after the AGM.

“We should all be proud to build an association for the future, together and as one team. I look forward to speaking to you virtually and answering any questions that may arise from this document.

“I’m particularly looking forward to moving to Dublin over the New Year when Covid-19 allows, meeting you all in person, talking football and building that future with you.”