FAW records £ 1 million loss during pandemic

The Football Association of Wales (FAW) had a loss of more than £ 1 million in the period covering the onset of the coronavirus pandemic, according to recently released accounts.

The cancellation of friendly matches at home for the senior men’s team and the postponement of the Euro 2020 final contributed to the figures.

The accounts for the financial year to July 2020, which covered the first three months of lockdown restrictions, saw the governing body take an after-tax loss of £ 1,032 million having made a profit of £ 264,520 the previous year.

Turnover for the period fell 5% to £ 14,565 million from £ 15,319 million.

The report accompanying the accounts indicates that the association had been prepared in the event that the entire 2020-21 season was played behind closed doors.

The FAW said it was confident that the cash reserves (£ 8.9 million as of September 2021) would allow it to deal with any continued loss of income.

Wales fans returned under restrictions to watch the senior men’s team in June 2021 for a pre-Euro friendly with Albania. Unrestricted crowds returned at the start of the 2021-22 season.

Then-CEO Jonathan Ford, who stepped down in March this year, claimed in October 2020 that football in Wales was struggling with a “dire situation” with finances hit by ongoing restrictions preventing fans from attending. to matches at all levels.

Aid was subsequently received in the form of grants from FIFA, the National Lottery and a £ 1.5 million support package from the Government of Wales. The FAW also used the UK government’s job retention scheme.

In recent accounts, the association’s highest revenue came from streaming revenue (£ 6.36 million), and pre-existing deals were unaffected by the pandemic.

In the report presented to Companies House, FAW states that it is confident that the delay of the euro tournament, which will finally be played between June and July 2021, would help generate profits.

Reference-www.bbc.co.uk

Related Posts

Leave a Reply

Your email address will not be published. Required fields are marked *