International Football - Wembley move cost £17m
PA Sport - Thu, 16 Sep 08:36:00 2010
The FA are having to cover a £60 million shortfall from the collapse of Setanta and £17m costs of moving from Soho Square to Wembley, it has been revealed.
The FA published their accounts on Wednesday night which reveal a £3m overall loss in 2009 - but better than the £12m loss in 2008.
Although the FA's turnover has increased, the collapse of Setanta has left the body needing to cover a £60m shortfall in television income in the 2008-12 period. The move to Wembley will also incur losses of almost £17m as there was a 10-year lease on Soho Square, but in the long term the FA should save on costs. The FA have also put into effect a major cost-saving exercise including a pay freeze.
FA chief executive Alex Horne said: "2009 was a difficult year for the FA Group as it was for the UK economy as a whole.
"The headline was the loss of our domestic broadcast partner, Setanta, as well as one of our overseas broadcasting partners, Gateway.
"We also struggled to find a replacement tenant for our former offices in Soho Square having moved to Wembley in August 2009 and made a significant provision for that situation.
"But we have persevered and we made new broadcast deals with ITV, ESPN and Supersport and have now exited the Soho Square lease."
The FA's turnover was up £52m on 2008 to £314m, allowing a record £103m to be invested back into football, £16m more than the previous year with half of that going to the grass-roots.
Other points of interest in the FA accounts show staff costs rose from £30.1m to £34.7m with the increase almost totally accounted for by the difference in England manager Fabio Capello's salary compared to that of his predecessor Steve McClaren.
Capello's annual salary is £6m while McClaren was on £2.5m a year.