I truly hope these idiots can prove me wrong and turn the FAI into an efficient operation. €20 million on a technical development plan and €20 million on the “game's presentation and infrastructure," looking forward to finding out what that is. Also looking forward to the next palace coup in Merrion Square, hasn't been one in a while now.
Sharp turnaround in FAI's financial fortunes
03 July 2005 By Gavin Daly and Ian Kehoe
A €1.4million profit on the sale of a training ground helped the Football Association of Ireland (FAI) to record a surplus of almost €2.9million last year, a sharp turnaround on 2003.
The sale of the ground at Bishopstown in Cork buoyed the FAI's accumulated surplus to more than €4.4 million at the end of last year, according to its annual report.
Last year's performance was a huge improvement on the €67,247 surplus recorded in the previous nine-month period, which ran from April 1 to December 31, 2003. Turnover rose to €20.5 million last year, up from €14.7 million in the nine months to the end of 2003.
The FAI expects the figures for this year to show more improvement.
The association has signed commercial deals worth more than €20 million in the past six months, including a €10 million sponsorship deal with Umbro and a €5.5million television deal with RTE.
The annual report shows that the FAI paid €400,000 to Fran Rooney, its former chief executive, in “compensation for loss of office'‘ after he resigned on November 1 last year.
The report said that the board of the FAI appointed John Delaney as chief executive on December 1, even though he was not officially appointed until March.
According to the report, the FAI has committed €8million to the development of football this year.
“Our commitments to our game over the coming three to five years are quite ambitious, with our projected costs pushing beyond €60 million,” it said.
They include commitments of €33 million to the development of Lansdowne Road, €20 million on a technical development plan and €20 million on the “game's presentation and infrastructure'‘.
The report said that the FAI “is raising substantial funds from it s own resources through commercial and sponsorship agreements and the proceeds of our recent international teams' success'‘.
And not forgetting the 15 million coming in from the Government, of which 5 million is going to the Eircom League.
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