FAI announce reduction of debt by €10 million

They have finished their debt refinancing programme

FAI announce reduction of debt by €10 million

FAI chief executive John Delaney in the stands before an international friendly at the Aviva Stadium, Dublin | Image: Martin Rickett/PA Wire

The FAI have reduced their overall bank debt by €10 million after announcing that they have finished their debt refinancing programme.

The agreement reached with Bank of Ireland brings their overall bank debt down from €45m to €35m, with a large portion of the debt related to the construction of the Aviva Stadium.

It means the FAI has now halved its overall debt in the past seven years.

"The Board of the FAI and I would like to pay tribute and thanks to Denis O’Brien and his advisory support through Island Capital Ltd to achieve this positive outcome for Irish football.

"Denis has been a great supporter of the FAI for many years, and will continue to contribute to the salaries of our senior management team with the Republic of Ireland squad for the 2018 FIFA World Cup campaign.

"I would like to thank Bank of Ireland for their continued support, and they are a key sponsor of our Post-Primary Schools Cup Competitions,” said FAI CEO John Delaney.

Meanwhile, Chief Executive, Bank of Ireland Corporate Banking, Tom Hayes, said, "We are delighted to partner with the FAI on this refinancing deal, an organisation which plays such a key role in promoting and supporting Irish football from grassroots to international levels.

"Bank of Ireland has worked with a number of sporting organisations over the years on initiatives including sponsorships and funding, so we're particularly proud to collaborate on this important transaction which ensures the FAI has a sound financial platform and is well positioned for continued success and growth.

"We also send our best wishes to the management and team as they embark on their EURO 2016 Finals campaign."