Dublin South West TD, Seán Crowe, has described the publication of the FAI’s 2018 accounts showing net liabilities of €55million as momentous, deeply disturbing, and worrying.
The Sinn Féin TD said ordinary football fans across the country will also be shocked and angry at the severance package of €462,000 paid out to former CEO John Delaney and the huge liabilities.
Deputy Seán Crowe said:
“The reality is that everybody knew the FAI was in serious financial trouble, but the accounts released are momentous, deeply disturbing, and worrying for the future of the organisation.
“We now know that the FAI has financial liabilities of €55 million and was operating a negative cashflow at the end of 2018.
“The auditors were unable to determine whether adequate accounting records have been kept and were unable to report if, in their opinion, the disclosure of directors’ remuneration and transactions specified by law were made.
“All of this is an indictment of the former CEO John Delaney and makes a mockery of his repeated claims that the association would be debt free by 2020.
“Ordinary football fans across the country are shocked and angry about the severance package of €462,000 paid out to John Delaney and the gross financial mismanagement.
“It has been reported that a special taskforce of investigators from the Criminal Assets Bureau (CAB) will now investigate the financial affairs of the FAI.
“This is a bleak and sad day for Irish football and all those fans who spend their hard-earned money to loyally follow clubs and the national team.
“If there are to be job losses at the FAI then it needs to begin with those who are responsible for this mess rather than those who work tirelessly behind the scenes to promote Irish football every day.”