Football Association reports profits

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The FA has reported an operating profit of €2.8m for the year 2004, a significant increase from 2003 figures (€1.1m). Turnover increased nearly 40% from €14.7m to €20.5m, however costs for sales increased from €10.7m (2003) to €13.2m, with administration expenses accounting for €4.5 million, 50% more than the previous year €3m.

The report also revealed that former Chief Executive Officer Fran Rooney received a severance package of €400,000 when he stepped down from the post last November after only 18 months in the job. The sum comprises compensation for the remaining six months of his contract with the balance made up of a pension allocation. The payment was listed under Directors’ remuneration with regard to ‘Compensation for loss of office.’

The financial statements for 2004 cover the calendar year from 1 January to 31 December 2004. The comparable audited financial period consists of 1 April to 31 December 2003.