The Football Association of Ireland has published its accounts for 2023 ahead of its Annual General Meeting, which will take place in Dublin on September 14th. 

• FURTHER REDUCTION OF LEGACY DEBT  
• IMPROVEMENT IN MATCH-RELATED INCOME  
• INCREASES IN COMMERCIAL REVENUE  

Following the surplus generated in 2022, the accounts confirm that the Association has continued to prudently manage its financial position in 2023 in order to sustainably invest in the wider football community, reduce financial risk, while managing the costs associated with legacy debt issues.  

Key financial highlights were:  

• A P&L surplus of €3.5m was recorded for the financial year 2023, based on turnover of €62.3m, compared to a surplus of €3.5m on turnover of €54.0m in 2022. 

• This surplus for 2023 continues to consolidate the Association’s balance sheet position with net assets now standing at €9.7m versus €6.2m in 2022. 

• The Association’s cash balance at the end of 2023 was €1.6m, down from €10.9m in 2022. This was driven by the decision to, once again, repay a significant proportion of the Association’s legacy borrowings, and so reduce the interest burden it faces. Given the reduction in reserves, consideration is now being given to the Association’s longer term debt strategy. 

• Bank and other borrowings are now €43.2m compared to €50.9m in 2022. 

• Match-related income improved again to €18.6m compared with €9.1m in 2022 as attendances surpassed pre-pandemic levels, further boosted by record Ireland Men’s Senior Team season ticket sales of over 24,000 and our first-ever women’s national team match at the Aviva Stadium 

• Commercial revenues increased to €20.8m, up from €15.6m in 2022, driven by new and renewed partners as well the continuing centralised media rights agreement with UEFA which runs from 2022-2028. 

• Technical Department income also improved to €6.8m, a €0.4m increase on the prior year. 

• The FAI received €5.8m in grant funding for football programmes from Sport Ireland in 2023, in line with the award in 2022. 

• The Association’s finances continue to be stable with turnover not anticipated to increase beyond current levels in the near term. Legacy debt remains a key long-term focus for the Association while it also continues to seek to invest in growing the game and capitalising on the successes seen both on and off the pitch. 

• The Financial Statements were approved once again on a going concern basis. 

Chair of the FAI Board Tony Keohane said: “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've 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. 

"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 its 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 Interim CEO David Courell said: “A strong 2023 has reinforced the steady improvement of the association’s financial situation.  With a surplus of €3.5 million achieved for the second year in a row year we continue to make significant strides towards our long-term financial goal of reducing our legacy debt which will in turn enable us to maximise our investment into the game.  

"While making progress, we are acutely conscious that we are only part way through the journey of clearing our legacy debt. We need to balance the requirement of servicing and paying down this legacy debt whilst continuing to invest in developing the game and helping it to achieve its full potential. As a not-for-profit organisation it is incumbent on us to be increasingly vigilant in our financial management, ensuring we maximise each and every euro of investment that we put back into the game.  

"We also recognise that we cannot do this on our own. We commit to working with our community (our staff, players, coaches, referees, administrators and volunteers) and our wider stakeholders (Government, Sport Ireland, FIFA, UEFA and commercial/media partners) to achieve the aims set out in our 2022-2025 Strategic Plan. If we collaborate effectively, we can ensure that football (at all levels) realises its full potential."