The Football Association of Ireland has shared its 2023 accounts. The released information states that €7.7 million of its legacy debt has been paid off but also notes that over €40 million is still to be repaid.
The accounts released this week also report that the FAI achieved a profit of €3.5 million for 2023, the same as in 2022. However, its total income (turnover) grew to €62.3 million, up from €54.0 million in 2022.
In the same press release, the organisation also stated that its net assets increased to €9.7 million in 2023, up from €6.2 million in 2022.
Match revenue also doubled to €18.6 million, thanks to higher attendance and record season ticket sales. Additionally, income from sponsorships and media rights rose to €20.8 million, driven by new partnerships and a centralised media deal with UEFA.
Chair of the FAI Board, Tony Keohane, said that the published accounts showed a keen willingness to improve the state of Irish football in the country.
FAI's net debt @ 31/12/23. The debt to banks, government etc continues to fall, down from €62.4m in FY20 to €43.2m.
FAI needs to repay circa €5.4m a year. So they have to have a cash surplus of that amount every year. Money going to legacy problems than football today😡 pic.twitter.com/h0mxEmyciI
— John O’Connor (@chippie1974) August 26, 2024
“The publication of our accounts for 2023 shows a continued focus and a real effort across the association to improve the welfare of the game in Ireland and the overall financial health of the business as we continue to invest in the game across the country.
“In 2023, we not only increased our turnover thanks to improved match-related revenue, with fantastic crowds at our men's UEFA EURO 2024 qualifying matches, underlined by a record season ticket uptake, and our women's national team World Cup preparation matches & UEFA Women's Nations League fixtures, but also increased commercial revenue thanks to renewed and new partners for the association, which demonstrates substantial backing from our sponsors.
I would like to thank our loyal supporters, our sponsors, and media partners for their continued support.”
However, Keohane also noted that the biggest challenge for the organisation remains reducing the legacy debt associated with the association.
"It remains a challenge for the association to significantly reduce the legacy debt, but it is a challenge the business is responding to, with another reduction in that debt in 2023. The association has controlled our costs and balanced this with the commitment to invest in the game at all levels as we look to grow the game in line with the FAI Strategy 2022–25."
FAI key account details
- Financial Surplus:
- Profit of €3.5 million reported for 2023, matching the 2022 figure.
- Total income (turnover) increased to €62.3 million, up from €54.0 million in 2022.
- Stronger financial position:
- Net assets increased to €9.7 million in 2023, up from €6.2 million in 2022.
- Debt Reduction:
- Debt decreased from €50.9 million in 2022 to €43.2 million in 2023 due to continued debt repayments.
- Cash reserves fell from €10.9 million to €1.6 million, leading to a review of the long-term debt strategy.
- Increased Revenue:
- Match-Related Income: More than doubled to €18.6 million, driven by higher attendance and record season ticket sales.
- Commercial Revenue: Increased to €20.8 million, boosted by new partnerships and a centralised UEFA media deal.
- Technical Department Income: Rose modestly to €6.8 million.
- Stable Grant Funding:
- €5.8 million in grants received from Sport Ireland, consistent with the previous year.
- Future Focus:
- The FAI remains financially stable but does not expect significant income growth soon.
- Focus continues on reducing long-term debt and investing in football development.
