FAI SET TO MAKE GBP 7M PROFIT FROM PROPERTY SALE

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The Fotball Association (FAI) is expecting to pull in EUR 7 million from the sale of its headquarters, Merrion Square. The complex is located in the affluent Dublin 2 area, and selling the building is the wish of FAI chief executive John Delaney. Money from the sale would go toward the FAI’s EUR 68 million contribution for the construction of the Landsdowne Road stadium complex. Advance sales of corporate boxes and premium seats would make up the rest of the stadium’s costs.

In an interview with The Irish Daily Star, Delaney said the FAI doesn’t necessarily need the revenues from advance purchases. He claimed the FAI would have close to EUR 30 million in its reserves by the end of 2007, due in large part to increased match day revenues from playing in the 70,000-plus Croker Park next year.

“We have reserves of about EUR 12 million at the moment. With the sale of Merrion Square, the television money from the Germany game (European Championship tie) and the four home qualifiers (for the 2008 European Championships), we would expect to have EUR 30 million towards the costs of Lansdowne. That would be a very comfortable way to approach the market. With the sale of corporate boxes and premium seats to be then taken into account, it gives us a very good chance.”