‘We can beat anyone in the world’ – Hockey high-flyers storm into World Cup quarter-finals Delaney: FAI debt gone by 2020
Chief executive tight-lipped about association’s overall liabilities ahead of Cork AGM
FAI chief executive John Delaney says that the association remain on course to clear Aviva Stadium bank debt by 2020.
But he was tight-lipped on the asso- ciation’s overall liabilities at an event arranged to discuss FAI finances ahead of their forthcoming AGM in Cork.
FAI accounts for the end of 2017 stated that bank and other loans stood at €38m.
Delaney said that the situation had subsequently improved to a position where debt with their banking partner stands at €29.5m.
Reduced interest payments from a change in banking arrangements has helped their position.
However, total liabilities – including the bank and other loans – stood at €48.3m at the end of 2017.
The difference is made up by an overdraft and ‘trade and other payables’.
Delaney declined to provide an updated tally for that figure at this juncture and said the answer would be provided ahead of the AGM on Saturday, August 18 in Cork.
The CEO was also reluctant to discuss how loans from UEFA had impacted on their position and said that could be addressed at a later date too.
He said that the FAI can be debt-free by 2020 if they wish – but had suggested that stretching out the repayment period remains an option as it would allow them to spend in other areas after a decade where they had to take cost-cutting measures.
Delaney had previously said that the FAI board would make a decision in the first six months of 2018.
“The board is meeting the day before the AGM and out of that meeting we will present to the members on the Saturday exactly how we can do it,” he said. “We can do it. I think that we have kept our word.
“We have said in the past that we can do it and we are demonstrating how we can.”
“We owe €29.5 million to our banking partner. Next year it will be less than 20 and if we choose to make it debt-free by 2020 that will be the case.
“That’s the message for today and if you have any further questions we’ll deal with them before the AGM.”
Delaney passed over discussion of the ongoing dispute with the PFAI arising from pay issues and strike threats at Bray Wanderers and Limerick to League of Ireland director Fran Gavin.
However, he acknowledged they caused problems for the image of the league.
“The Bray and Limerick things are ones that you would prefer not to happen but they are resolved,” said Delaney, who was open to speaking on the news that Drogheda United will be getting a new 3,000-seater stadium.
It will be built as a result of a partnership between the FAI and Louth County Council.
The FAI own Drogheda’s current home at United Park.
“Drogheda having a new stadium is a terrific thing,” he said.
He said that news on the plan to renovate Dalymount Park is expected by the end of September and good news should follow with regard to a new ground for Finn Harps and the development of a training facility at Glanmire in Cork.
“They are things that come across my desk on a daily basis. Fran will deal with the other stuff,” he said.
However, Delaney last night released a statement to welcome the arrival of St Joseph’s Boys chairman Niall O’Driscoll as the new owner of Bray.
The chief executive of an insurance company has taken over from Gerry Mulvey and has spoken of plans to build bridges in the community following a troubled period.
“It is great news that Niall has joined Bray Wanderers as his drive and vision will surely help the club return to a solid structure, where they can progress further on and off the pitch,” said Delaney.
“Niall is a real football man and has proven that during his time involved in the game at all levels.”