FAI AGM: Calling in Aviva debts would push FAI into examinership
The AGM of the Football Association of Ireland has resumed in Dublin. It was adjourned in July after the association was unable to present its accounts to delegates.
The initial AGM was adjourned when the association was unable to reveal its true financial picture, for the first time in its history.
Since then, it has come to light the FAI has current net liabilities of more than €60m. It was also confirmed today that losses on top of that of up to €4m are expected for 2019.
Staff at the FAI are now fearing for their jobs. The FAI confirmed today that if the association's debts on the Aviva Stadium were called in immediately, it could mean examinership or even liquidation.
EARLIER: FAI AGM to resume today, after July adjournment
The FAI will resume its AGM today.
In July, the Annual General Meeting was adjourned because the association was not in a position to present its accounts to delegates.
The FAI in the midst of a financial crisis with current net liabilities of over €55m.
Government funding to the organisation remains suspended following revelations of a €100,000 "bridging loan" by its then chief executive John Delaney to the FAI in 2017.
Earlier this month, the FAI requested a financial rescue package of €18m from the Government which was rejected out of hand. Sports Minister Shane Ross described the request as "shocking".
Today's AGM is due to begin at noon.
