MFA registers significant loss of income due to COVID-19

The Malta Football Association registered a significant loss of income due to the COVID-19 pandemic. This emerged from the financial report, which was presented by MFA Treasurer Ivan Mizzi and approved during the MFA Annual General Meeting which was held on Wednesday.

The financial report shows a total operating income of €8.6 million for the financial year ending 31st March 2021 while the total expenditure was €8.4 million.

The excess of expenditure over income after finance costs €1,1m and considering the investment in clubs infrastructure, the surplus of expenditure over income was €1.3m. Thanks to the accumulated fund brought forward, the surplus balance carried forward is €460K.

The association lost the gate money for all domestic and international matches (which amounted to around €600K the previous year and there was a loss of around €500K from the sports facilities compared to the previous year. However the FIFA COVID-19 assistance which amounted to almost €1M enabled to recover some of the income although a large chunk of this amount went to clubs.

The major sources of income were once again FIFA and UEFA: FIFA Financial Assistance Programme and other income €1.3m, UEFA HatTrick Annual Solidarity €2.1m, UEFA Other Income €237K, Sponsorship €479k, TV Rights €2.5m, FIFA COVID-19 assistance €995k and sports facilities €399k. This in fact amounted to the around 90% of the total income.

With regards to expenditure, the main items were Wages and Salaries €2.7m, Player bonuses, allowances and appearance money €488k, Travelling and accommodation €1m, maintenance €667k, Insurance and medical €237k, match expenses – local €482k, Ground rental assistance €216k, referees’ fees €272k and club schemes €874k. In fact, taking the wages, salaries and appearances; travel and accommodation, domestic competition expenses and maintenance, these amounted to 75.5% of the total expenditure.

With regards to sports facilities and the technical centre, there was a loss of €313k. The MFA Swimming Pool registered a loss of €148k and the clinic a loss of €69k.

MFA Sports Plus Ltd generated €997k but the total expenditure amounted to €970k, leaving a profit after tax of €17 with the MFA receiving €8.7k as the 50% share of profit from this joint venture.

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