FAI rescue package revealed

Last Updated: 30/01/20 3:30pm

The FAI has debts of more than €62m
The FAI has debts of more than €62m

An interest-free €2.5m annual loan to the Football Association of Ireland is not a Government bailout, the Minister for Sport has said.

The Irish government announced on Thursday it will double its funding and give the FAI an interest-free loan of €2.5m annually for the next three years as part of a refinancing arrangement to help save the organisation.

The FAI has debt of more than €62m.

Minister for Sport Shane Ross has met with representatives from UEFA, the FAI and Bank of Ireland in Dublin to address the organisation’s debt.

Speaking in Dublin, Mr Ross said: “Of course there are many reforms still to come. Crucially, the financial assistance we announce today is absolutely conditional on these reforms being implemented.

“This is not a bailout by any standard.”

More to follow…

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Source : Sky Sports