This was all in theory - nothing was underwritten by any bank. Deutsche Bank had, according to Bernard O'Byrne, made a commitment to underwrite the project but when everything actually came out it was clear they weren't prepared to underwrite a shortfall anywhere close to as big as the FAI's plans. Building Eircom Park was supposed to cost £65m - O'Byrne eventually admitted DB would underwrite it up to £95m - but he was eventually, after a lot more pestering, forced to admit it would cost at least £135m, and knowing the FAI that was an underestimate.
It was, quite simply, a noose for the FAI to hang itself with. John Delaney is an awful piece of work, and he used the crisis to build his empire, but he was bang on about how bad an idea it was and it absolutely, 100%, would have spelled the end to the governing body for football in this country. Politicians screwed Irish football over with the Bertie Bowl debacle, but they helped save us from this monstrosity.
There's an instructive timeline from the Indo (I know, I know, but they were completely right about this) here: http://www.independent.ie/sport/socc...-26092895.html
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