FAI reports reduced surplus for 2024 - but still owe €42m

General view inside the Aviva Stadium prior to the FIFA World Cup 2026 qualifier match between Republic of Ireland and Armenia. Pic: Charles McQuillan/Getty

The FAI posted a reduced surplus of €1.8m for 2024 but still owes €42m to banks and other borrowers.

In accounts up to last December, which were finally circulated to delegates ahead of the annual general meeting on November 8, a slight reduction in turnover of €61.6m is reported.

Commercial income rose to €22.9m, primarily due to the association ending their four-year wait for a successor to Three as main sponsor of the men’s national team. Sky Ireland expanded their portfolio from the women’s team across both squads in March 2024 on a four-year deal.

That boosted income streams by around €1.8m but there was no bonus from the women's team reaching their first-ever Euros following the playoff defeat to Wales.

There was €4.4m reduction in match-related income due to no Women’s World Cup revenues in 2024 and a lower number of home internationals during the year.

Despite owing the Lansdowne Road development company outstanding monies for annual licence fees, €750,000 was received by the FAI as compensation from New Stadium DAC due to the stadium not being available for hosting games during the summer of 2024.

Staff costs continued to climb during 2024, a thorny issue considering the FAI are in the midst of a redundancy programme. Wages rose to €15.98m from €15.3m, reflected by an increase in headcount of one to 251.

Reports did not mention Jonathan Hill's severance payment. Pic: Stephen McCarthy/Sportsfile

There’s no mention of the severance payment made to Jonathan Hill, who left his position as chief executive in April 2024. He left his contract early following a disastrous appearance before the Public Accounts Committee, where his explanations for taking payment in lieu of holidays, specifically debarred under FAI HR policies, cut no ice.

“The financial statements also demonstrate progress in reducing our overall debt to €42m, with a continued commitment to managing our legacy debt being an important consideration for our future,” says chairman Tony Keohane in his remarks.

“Balancing this consideration could require some difficult decisions in the future, but our commitment is always to do right by Irish football.” 

Ciara Carty, former director of services at Focus Ireland, has been nominated to join the board of the FAI as an independent director. She will replace Maeve McMahon, who did not seek an extension of her term.

A recent move by the FAI to increase terms from two to three years was scuppered due to a lack of consultation with Sport Ireland, the government agency acting as a conduit between the State and organisation.

Pat Devlin, the legendary coach still associated with Bray Wanderers, is to be proposed to become an honorary life member.

The 145-strong General Assembly must have a 40% gender balance by the time of the AGM in three weeks’ time.

The AGM at the Carlton Hotel in Blanchardstown will be preceded by an emergency general meeting, called to take a vote on pushing for the suspension of Israel from Uefa.

The proposal, submitted by members of the General Assembly, is based on Israel: “violating two independent provisions of the UEFA Statutes, namely the organisation of clubs in illegal settlements in the occupied West Bank without the consent of the Palestinian Football Association and the failure of the IFA to implement and enforce an effective anti-racism policy.” 

That’s expected to be overwhelmingly carried by ballot, resulting in the FAI lobbying Uefa’s executive committee to act.