An interest-free €2.5m annual loan to the Football Association of Ireland is not a Government bailout, the Minister for Sport has said.
The Irish government announced on Thursday it will double its funding and give the FAI an interest-free loan of €2.5m annually for the next three years as part of a refinancing arrangement to help save the organisation.
The FAI has debt of more than €62m.
Minister for Sport Shane Ross has met with representatives from UEFA, the FAI and Bank of Ireland in Dublin to address the organisation’s debt.
Speaking in Dublin, Mr Ross said: “Of course there are many reforms still to come. Crucially, the financial assistance we announce today is absolutely conditional on these reforms being implemented.
“This is not a bailout by any standard.”
More to follow…