April 25, 2024
News Sport

Save Our Soccer: FAI rescue funding package announced

The Government will double its funding and give the FAI an interest free loan of €2.5m annually for the next three years as part of a refinancing package to help save crisis-hit organisation.

Details of the rescue package emerged this evening after Sports Minister Shane Ross and Minister of State Brendan Griffin met representatives from UEFA, the FAI, and the Bank of Ireland at Government bulidings in Dublin.

Sport Ireland funding has been restored and will double from €2.9 million to €5.8m a year until 2023.

State finance had been suspended since last April after details emerged of a €100,000 loan by former CEO John Delaney to the Association.

A sum of €800,000 will go towards the development of the men’s and women’s domestic leagues.

The Government will also provide an interest-free loan of €2.5 million each year from 2020-2022 to protect the Aviva Stadium.

The FAI board has welcomed the agreement with the government, UEFA and Bank of Ireland on the joint plan to safeguard the future of Irish football.

FAI Independent Chairperson Roy Barrett said: “This agreement is vital for Irish football and allows us to take the first steps in the rebirth of our sport. We can now progress with our plans to restructure and rebuild the Association and do what is best for our staff, our players and all our stakeholders with minimum disruption for Irish football.”

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