FAI stick with debt deadline

The FAI remain certain they will clear their €63 million debt pile by 2020, despite the bleak picture presented in their latest set of accounts.

Delegates yesterday received a copy of the figures, to year-end 2012, ahead of the association’s Annual General Meeting in Arklow on July 20.

The FAI’s failed premium Vantage ticket scheme forced them to borrow heavily to fund their €72m portion of the 2010 Lansdowne Road stadium redevelopment costs. And the huge debt caused the association to fork out bank interest payments in 2012 of €4.8m — the same amount as the previous year.

FAI chief executive John Delaney revealed at last year’s AGM in Letterkenny they were only in a position to meet interest payments — not any principal — on the stadium debt.

Delaney’s controversial salary dropped slightly from €400,000 to €386,666 as a result of the voluntary 10% cut he announced at that AGM. Within a fortnight of that summit, all FAI staff were asked to reduce their salaries.

Turnover during the 12 months fell to €39.7m from €45.1m. This was despite Ireland qualifying for the European Championships.

Uefa guaranteed all nations qualifying for Euro 2012 €8m, yet Ireland missed out on lucrative bonuses of €500,000 for a draw and €1m per win.

The association posted a small surplus of €25,126 when grants to affiliates of €1.36m were deducted.

In keeping with Delaney’s repeated deadline for clearing the debt, notes to the accounts stated: “We remain on course to have all of our loans fully repaid by 2020.”