€2.2m deficit in MFA approved financial statement for 2021
The Malta FA today held its first General Assembly for 2022, dedicated to the approval of its Financial Statements for year ending 31st December 2021.
Following the statutory reform approved last year, the Association now holds 3 General Assemblies annually: in April (with the main item being financial reporting), July (administrative reporting and any applicable elections), and November (reporting on strategic priorities and thematic matters).
This reporting exercise covered 9 months, between April and December 2021, as the Association changes its financial year to align with the calendar year. The Financial Statements were presented by the Association Treasurer, Ivan Mizzi.
The finances of the Association show a total operating income over 9 months of €6.2m while the total expenditure was of €7.8m.
The Association’s finances therefore saw a deficit of €2.2m over the period covered, mainly attributable to the heavy impact of the Covid-19 pandemic, which caused the second season in a row to be stopped short. Besides, the Association incurred significantly higher costs related to match operations and international travel to adhere to public health protocols.
As announced by the President, Bjorn Vassallo, during the meeting, the Association will embark on a recovery plan to restore its financial stability through targeted interventions. This started with a review of its budget for 2022 in a drive to reduce costs.
In so doing, the Association will be able to rely on FIFA and UEFA funding which remain critical for its sustainability, without giving away on the technical and development projects and on incentive based assistance to its member clubs and member associations.
Present Premier League format can be re-introduced
During a brief press conference following the General Assembly,
MFA President Bjorn Vassallo said that the present premier league format was a success and did not exclude the possibility that this will be re-introduced in the coming years.
He said that he is open for discussion, also stressing that next season the premier league will be made up of 14 teams as planned.
On the financial aspect the MFA President said that a deficit was expected but this unfortunately exceeded the association’s expectations.
Vassallo however was optimistic about the recovery and was convinced there will be a turn around in the coming months.
Asked about the national team, Bjorn Vassallo confirmed that Mallta will host a friendly on 1st June in preparation for the UEFA Nations League committments.
He said that Malta aims at obtaining promotion to Level C, which will be the result of the hard work and improvement carried out in the last two years.