The FAI have announced a surplus of €1.6 million for the financial year of 2020, having availed of €13.2 million of Covid-19 relief funding to offset losses incurred as a result of the pandemic.

The 2020 accounts have been approved by directors and have been circulated to members of the General Assembly ahead of this week's AGM.

The €1.6 million surplus in 2020 compares with a €5.1 million deficit for 2019. The FAI's net liabilities position still stands at €4 million.

The association reported that it availed of a total of €13.2 million of Covid-19 relief funding courtesy of the government and Sport Ireland.

Of that figure, €8.2 million has been included in turnover in 2020 to offset the losses from the pandemic.

Grant funding from Sport Ireland enabled the FAI to increase the funding for player development in comparison with 2019.

Of this €5.8 million total, €1.2 million was allocated to player development (up from €234,000 in 2019), €1.99m to grassroots football (up from €1.1m in 2019) and, for the first time, the League of Ireland, Women's National League and Other Competitions were allocated €895,370 of this funding in 2020.

"Covid-19 presented a real financial challenge to the Association in 2020," said FAI chairperson Roy Barrett.

"Thanks to the ongoing and welcome support from Government and Sport Ireland we were able to manage our finances in a positive way in 2020, across all levels of our game.

"Together with the support provided to us by FIFA and UEFA and the strict and careful management of our variable costs as we came to terms with the impact of the pandemic, we met this financial challenge head on with our operating costs €5.7m lower in 2020 compared to 2019.

"We are very much in a better place now than a year ago but we are still very much aware of the transformation process we are undertaking and I would like to thank all our stakeholders for the contribution they have made on that journey.

"As we see a slow return to normality and the Association reset takes proper hold, we look forward to the FAI being in a position to drive a more sustainable financial future, working both with Government and new and existing sponsorship partners."