The FAI has confirmed that the organisaiton is in debt of €55 million while former chief executive John Delaney received a severance package totalling €462,000.
Furthermore, the accounts reveal that following an internal investigation “it was noted that certain expenses incurred during 2017 and 2016 by the then CEO were of a personal nature and these have been now disclosed as part of the director’s emoluments”.
Paul Cooke, the executive lead of the organisation, said the FAI had found additional payments to Delaney as it was reviewing previous years’ accounts. “What we found in there in addition to pension payments, loyalty bonuses, there were other payments that would have been paid on behalf of the former CEO, and items that should have been recognised as benefit in kind.”
The accounts show there was a tax settlement this year of €2.7 million.
Financial information published today shows startling adjustments to the accounts in previous years. In 2016, an original profit of €2.344 million was subject to adjustments of €2.278 million, leaving a surplus of just €66,000. In 2017, a profit of €2.8 million was subject to adjustments of €5.8 million, leaving a restated loss of €2.9 million.
The results also show that the association has bank loans of €28.2 million which are in “technical default” due to restated terms of the 2017 financial statements. The FAI is in negotiation with its banks regarding a refinancing of its debts, the organisation said today. The bank loans are now regarded as liabilities.
The accounts reveal that the organisation has net liabilities at the end of 2018 of €55 million. Since then, the association has had negative cashflow, meaning the financial situation has worsened. The accounts say that “continuous financial support from UEFA” has enabled it to continue operating.