The Football Association of Ireland has confirmed that it could face liquidation if its debts are called in.
The association has resumed its Annual General Meeting in Dublin this afternoon – with delegates warned that further losses of up to €4m are expected this year.
The AGM was adjourned during the summer because the association was not in a position to present its accounts to delegates.
Since then, it has been confirmed that it has current net liabilities of more than €60m.
It was also confirmed today that further losses of up to €4m are expected for 2019.
Earlier this month, the association requested a financial rescue package of €18m from the government, which was rejected.
Staff at the FAI are now fearing for their jobs.
The FAI confirmed today that if the association's debts are called in immediately, it could mean examinership or even liquidation.
It was also revealed that there are difficulties with the prospect of selling their share in the Aviva Stadium.
Meanwhile, the FAI’s auditors Deloitte has said it was “misled” by the FAI board regarding its financial state.
The auditor said it became aware in April of this year that proper accounts were not being kept by the FAI.
It was also confirmed today that Deloitte will not be seeking reappointment as statutory auditors of the FAI.
Elsewhere, a detailed cashflow forecast for the next 5 years predicted the Association can be “cash positive” by 2023.