FAI reveals liabilities of more than €55 million
THE Football Association of Ireland (FAI) has revealed it has liabilities of more than €55 million.
The body today published its accounts for 2018 after the loss of main sponsor 3 this week and the announcement that its president Donal Conway is to step down.
Auditors Deloitte said it was unable to guarantee that the governing body could continue as a going concern.
It was also revealed that former FAI chief John Delaney's severance settlement amounted to €462,000, including a pension payment.
Former manager Martin O'Neill, his assistant Roy Keane and rest of that management team received severance of approximately €1.9m.
FAI vice president Paul Cooke also confirmed the body's current bank debt was more than €29m.
"I have said a lot in the past but these results are a lot worse than what I would have thought. I see this as a key moment, one that we can hopefully move on from," Mr Cooke said.
Deloitte said while the company had received some advanced funding from UEFA during 2019 to enable it to meet some of its current liabilities "there is not sufficient audit evidence that the company will be able to meet its liabilities as they fall due".
"Therefore we are unable to obtain sufficient audit evidence to support the assumption that the company will continue as a going concern."