Monday 30 December 2019 08:08, UK
The board of the Football Association of Ireland has issued an apology to “all levels of the game” for the dire financial situation the organisation is in.
It was revealed earlier this month that the FAI had asked the Irish Government for a £15.3m (€18m) bail-out in order to help it avoid insolvency.
The FAI is facing liabilities of almost £47m (€55m) and has been forced to consider selling its stake in the Aviva Stadium as a result.
The FAI Board said in a statement: "The Board of the Football Association of Ireland has tonight issued an apology to the hundreds of thousands involved with Irish football at all levels of the game, to the Irish public and to FAI staff.
"The apology was made following the reconvened AGM of the FAI at the Citywest Hotel in Dublin where delegates were presented with the financial statements for 2018."
Outgoing president Donal Conway said: "The clear message from our delegates is that Irish football wants to move forward and we apologise to all our stakeholders for the mistakes of the past."
Vice-president Paul Cooke, who is acting as voluntary executive lead, expressed fears on Sunday that the FAI could go into liquidation.
"We are involved in conversations with our stakeholders," said Cooke. "If those conversations were to break down, then the dissolvency process is something that could happen.
"That could mean examinership, or it could even mean liquidation.
"With liquidation there would be no international match friendlies and there's, at a minimum, uncertainty about League of Ireland clubs' participation in Europe.
"They are your most severe consequences. All our commercial contracts would end.
"Examinership means we would get protection from our creditors, but you have to have a viable financial plan for that."
Cooke called for "a partnership approach between ourselves, our banks, UEFA and the government" in order to help the FAI avoid liquidation.
In response to those comments, Irish Sports Minister Shane Ross said the government "does not see either liquidation or examinership as a viable option" for the FAI.
Ross said: "In early January Minister Griffin and I expect to meet UEFA , representatives of all League of Ireland clubs, spokespeople for the trades unions, directors of the FAI and other stakeholders in pursuit of a solution that avoids liquidation or examinership but secures the future of Irish football."
Cooke conceded selling its stake in the Aviva Stadium is a possible solution to the FAI's financial woes but said the FAI would need at least £42.7m (€50m) in order to do so.
"The bank has a charge of £25.6m (€30m) on it and we need another £17m (€20m), so we would have to sell it for at least £42.7m (€50m) in order for anything to be actually realised for the association," Cooke said.
