Malta FA registers a surplus of over €1.275 million

The Audited Accounts and Balance Sheet of the Association (Financial Report) for the year 2019/2020 was presented by MFA Treasurer Ivan Mizzi during the association’s Annual General Meeting.

The financial report, presented by Malta FA Treasurer Ivan Mizzi and approved during the ongoing Annual General Meeting, shows a total operating income of €8.9 million for the year ending March 31st 2020 while the total expenditure reached €9.6 million for an excess of expenditure over income of €707K.

Mizzi explained that the income was €535K more than last year. He said the major sources of income were UEFA with €3.1 million which is equivalent to 35%, TV rights €2.5 million, FIFA Forward €707K and sports facilities €942K. These four sources of income amounted to 82% of the association’s income.

34% of the association’s expenditure (€3.3 million) was in wages, salaries, bonuses and appearance money while 16.5% (€1.59 million) was for travelling and accommodation. Both increased from last year. He explained that the former was mainly due to the appointment of the new technical staff and the latter due to the chartered flights. Domestic match expenses, schemes and other assistance to club amounted to 17% while maintenance amounted to €681K. These in all amounted to 74.5% of the expenses.

Ivan Mizzi revealed that the total revenue generated MFA Sports Plus Ltd amount to €1.1 million and the expenditure €1.07 million. The profit after tax deduction was equal to €20K.

In season 2019-20, the Malta FA maintained its social responsibility commitment as 20 NGOs benefited from financial donations and other assistance under the Football For Life programme, amounting to €86,000.

Although the excess of expenditure over income after finance costs amounted to €1.68 million, almost a million euro more than last year, the extraordinary grant of €4.5 million under the UEFA Hat-Trick Five programme, less the capital contribution during the year and the finance costs, leaves the surplus income over expenditure of €1.275 million.

When added to the accumulated fund brought forward from last year of €646K, the surplus balance carried forward is €1.9 million. 

Meanwhile

MFA President Bjorn Vassallo revealed that the association is currently in discussions over a memorandum of understanding with the government for the resurfacing of pitches.  He thanked the government and Parliamentary Secretary Dr Clifton Grima in particular and said he was very positive that an agreement would be reached.

Vassallo added that despite the pandemic, the association handed clubs a package which included a set of measures laid out in a recovery plan worth a total of €1.4million in financial and other forms of assistance, to ensure that the current challenges are overcome and that the domestic football landscape remains stable and compact whilst preparing for a new football season.

Finally, the MFA President asked for a mandate to review the MFA budget within six months considering that the situation with regards the COVID-19 pandemic is still unstable.

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