The government have announced a refinancing deal with the Football Association of Ireland. UEFA and Bank of Ireland will also contribute to the funding arrangement.
Minister for Transport, Tourism and Sport Shane Ross announced on Thursday that, following a meeting with the FAI, Sport Ireland’s funding will be restored to the association.
It has been doubled from €2.9m a year to €5.8m a year for 2020 to 2023.
The government will also provide an interest-free loan of €2.5m a year between 2020 and 2022.
This is designed to protect the Aviva Stadium. The FAI has debts of around €62m and need €18m to prevent going into examinership or liquidation.
“Today we are marking a new dawn for Irish football,” Ross said in a statement.
“This morning the Cabinet held an urgent incorporeal meeting to approve an agreement between the Government and the Football Association of Ireland.
“It has been a difficult journey to get to this place, where we can finally heave a sigh of relief knowing that Irish football has a secure future. Today we are delivering for all those who depend on football for their livelihood, as well as those who play, coach, volunteer, support or just love to support the game. That’s a lot of people.”
FAI independent chairperson Roy Barrett said:
“This agreement is vital for Irish football and allows us to take the first steps in the rebirth of our sport. We can now progress with our plans to restructure and rebuild the Association and do what is best for our staff, our players and all our stakeholders with minimum disruption for Irish football.
“On behalf of the Board and the Association, I would like to thank all our partners for their support and their commitment to the future of our game and we look forward to working with them, our staff and our stakeholders to bring this plan to fruition.”