Aviva Sale to IRFU Summarily Dismissed

When a business is struggling you look at its assets and what might both realise the value and reduce the cost of operation. The issue of the FAI’s stake in the Aviva Stadium has been widely aired in recent days but the IRFU firmly squashed any idea that they might buy their share.

When the stadium was built the FAI took the opportunity to own a part of it for the first time and to share the cost of administration with Irish Rugby.

The IRFU were quicker out the gate with their ten-year ticket sales and sold them well while Ireland was riding the back of the Celtic Tiger.

Within a year the FAI went to a broadly similar marketplace in terms of corporates but with a less structured programme of Guaranteed games, a failure to qualify for a major tournament since 2002 and a higher price.

It could still have worked but for the fact that the world economy was collapsing and Ireland was basically going through the same financial crisis that the FAI now finds itself.

In that short period, the seeds of financial disarray were sown and the efforts to get out from them were hampered by a lack of transparency and a sense of pride.

The IRFU met officials from the Department of Transport, Tourism and Sport yesterday but were quick to dismiss them providing a bailout. In fact, they raised more concerns over their own potential liability in the stadium with the FAI believed to be over €1 million behind in monthly payments towards the stadium operating costs.

The FAI will be scouring their asset book to see if they can find more suitable and sale ready assets to lessen the load on whatever financial restructuring will be found in order for the sport to survive in anything like its current form.

The reconvened AGM to approve the accounts that were released in the last fortnight will be held on December 29th.

It might be hoped that a cooler period of reflection on the part of all stakeholders over the season of goodwill might encourage the independent Chair and Directors to allow their names be made public and to be in place in time for meetings scheduled to be held with UEFA on January 14th.

It’s Christmas after all, a season of belief and goodwill. We live in hope.