New stadium worry as cash-strapped FAI reveal €16m losses

THE FAI’S financial problems have cast serious doubts over its ability to meet its commitments to the new Aviva Stadium at Lansdowne Road, following revelations that the governing body has only €1.6m in cash in the bank, down from €21.2m in the previous year.

The FAI’s 2008 accounts were lodged with the Companies Office last week and show losses of €16m last year, which has led to speculation the Association will have to borrow to fund its commitment – an estimated €74 million – for the new stadium.

The accounts do not specify the terms of when this financial commitment has to be paid, or what penalties will be incurred if any of the payment obligations are not met.