FAI's centenary AGM scheduled for Mansion House, will give clearer picture of finances

The FAI have informed their General Assembly – the body that replaced their previous Council – of the imperative to record strong annual surpluses to ensure they can meet repayments

Clearer picture: A view of the FAI flag during the game. FAI Umbro Youth Cup Final, Castleview v Castlebar Celtic, Turners Cross, Cork. Pic:  Stephen McCarthy / SPORTSFILE

The FAI is to hold its Centenary annual general meeting on Saturday, July 23 at the Mansion House in Dublin.

In advance of the summit, members will receive the 2021 financial statements. This will present a snapshot of their debt position, an amount that surpassed the €70m mark when the new board took control following the financial and governance crisis uncovered in 2019.

The FAI have informed their General Assembly – the body that replaced their previous Council – of the imperative to record strong annual surpluses to ensure they can meet their repayments. They remain without a main sponsor.

The schedule of their consolidated loan to Bank of Ireland began at the start of this year, as did the €5m loan received from Fifa amid the cashflow difficulties caused by Covid-19.

Government support, through paying the FAI’s annual licensing fee for the use of Aviva Stadium, finishes its three-year cycle in 2022. That totals €7.63m since the State intervened in January 2020 to provide a bailout, thereby staving off the threat of examinership or liquidation. That interest-free loan is repayable from 2024.

The Memorandum of Understanding, outlining details of the financial lifeline in return for governance reforms, expires in 2023.

Meanwhile, Ireland’s women’s team have risen in Fifa’s rankings to a joint-record height of 27. They face Philippines in a friendly this Sunday (4pm) in Antalya, Turkey, where they are holding a training camp ahead of the World Cup qualifier in Georgia on Monday week.

Ireland’s men’s team will remain in 47th position when their updated rankings are issued in the coming days. From their recent four Nations League games, Stephen Kenny’s side lost twice, drew one and beat Scotland.