The Football Association of Ireland has announced a loss of €5.1million for the financial year 2019 after the association's audited accounts were approved by the current board.

In a statement released this evening, the FAI stated that as at 31 December 2019, the association had "net liabilities of €5.7million" and stated that they are continuing to work with key funders in the ongoing management of its overall financial commitments, including the €28.5m debt on the Aviva Stadium.

The accounts, audited by Grant Thornton, have been approved on a going concern basis and are said to "accurately reflect the closing position for 2019". 

The 2019 accounts included a €462,000 settlement agreed with former CEO John Delaney in lieu of €2.1m that was potentially owed under his contracts of employment.

The FAI's net current liabilities increased from €58m at the end of the restated 2018 accounts to just short of €70m (€69,745,571) at the end of 2019.

In January 2020, a €30m rescue package including government loans and grants of €20m, a UEFA contribution and the restructuring of bank debt was agreed to save the FAI from potential liquidation. 

"The Association has completed forecasting under a range of scenarios to assess its ability to continue as a going concern throughout the ongoing coronavirus pandemic and beyond," said the FAI directors' report.

"These forecasts have been prepared on a prudent basis and indicate the Association's ability to meet its liabilities as they fall due. Having considered the above, the directors have prepared these financial statements on a going concern basis.

"The directors appreciate that due to the ongoing public health crisis, and the impact this is having both globally and within Ireland, together with the inherent difficulties in predicting future cash inflows and expenditure, there remains a material uncertainty in respect of going concern for the foreseeable future."

The directors' report also revealed that "In November 2020, the Association was allocated €13m from the Covid 19 Relief Fund by Sport Ireland. €11m of this allocation is to address the loss of income and incremental expenditure incurred by the Association as a result of the Coronavirus pandemic and the balance of €2m to be allocated to clubs and leagues."

Writing in the accounts, FAI chairperson Roy Barrett said: "We will recall 2019 as the year Irish football became accountable again and finally found a vision for the future through the pain of the past.

"You will see from the attached financial statements how deep that pain runs throughout our game but I am confident, as we near the end of the most abnormal year in living memory, that Irish football will be the better for all of this."

Barrett added in a statement issued to the media: "Over the last year, we have significantly augmented our expertise in the key area of financial management including the appointment of a newly constituted Audit Risk and Compliance Committee.

"The Board is confident that this investment in expertise and resources allows the new Senior Leadership Team of the Association to have the platform to move positively into 2021 whilst still recognising the hard work ahead to make the FAI financially sustainable, particularly in relation to the ongoing Covid-19 situation."