Firm that operates Limerick's Treaty Utd records €1m loss for 2025

Treaty United played its final League of Ireland game as Treaty United in a 2-0 win over Cobh Ramblers at the weekend to finish a disappointing second from bottom in the League of Ireland's SSE Electricity Men’s First Division. Picture: Adam Sheehan

The firm which operates the Limerick City based League of Ireland team, Treaty United, recorded losses of €1m last year.

Recently filed accounts lodged by Treaty Utd Ltd to the Companies Office show that the post-tax losses of €998,603 for 2025 follow losses of €839,258 for 2024. At the end of December last, the firm was sitting on accumulated losses of €2.13m.

The club played its final League of Ireland game as Treaty United in a 2-0 win over Cobh Ramblers at the weekend to finish a disappointing second from bottom in the League of Ireland's SSE Electricity Men’s First Division.

The club will be renamed Limerick FC for next season, and on the pitch last year Treaty United’s men’s and women’s senior teams recorded their best-ever seasons in 2025.

A note attached to the accounts — signed off by Harold (Scott) Fraser and Charles (Chuck) Cosman — stated that “the company continues to be lossmaking in 2026”.

It said “the company meets its day-to-day working capital requirements through existing cash facilities and investor loans”.

Addressing the firm’s going concern status, the note states that the board has undertaken a recent internal review of the company’s forecasts, extending for a period beyond one year from the date of approval of these financial statements.

The note said “the extent of this review reflected the current economic environment, the club’s current and projected trading and position in Irish football”.

The accounts show that the amount owed to group undertakings by Treaty United Ltd last year increased from €1.22m to €2.22m.

The going concern note adds that the company is expected to remain lossmaking while the new management implements their business plan, and it will continue to be reliant on the financial support of one of its key shareholders, Treaty Football Holdings Inc.

The note discloses that this shareholder has confirmed that they will not seek repayment of their loans to the company for a period of at least 12 months from the date of signing of the financial statements, other than in the ordinary course of business.

It continues: “Furthermore, they have confirmed that they will continue to provide the financial support required by the company to continue operating and have the financial capacity to do so.” 

Treaty United was founded in 2020, with the women’s team playing in the women’s Premier Division in 2020, followed by the men’s team securing a licence to participate in the First Division in 2021.

Former Ireland international Ciara McCormack became the first woman chief executive of a men’s or women’s team in the League of Ireland after she acquired Treaty United in partnership with Canadian-based investment group led by Tricor Pacific Capital Inc.

Ms McCormack resigned as a director at the end of November last last year and said at the time “I am incredibly proud of what we achieved together during a transformative period for Treaty United”. 

She said: “Professionalising the club, securing investment, strengthening financial and governance foundations, securing the long-term Markets Field lease, and seeing our senior teams and academy players reach new heights have been tremendous highlights”.

A spokesman for Treaty Utd declined to comment on the accounts.