The Malta Football Association has published its financial report for the year ending 31st December, 2023.
The financial statements, presented by Malta FA Treasurer Ivan Mizzi during the on-going General Assembly, show an annual income of just under €13 million (€12,990,980), a significant increase of over €3.5 million from the previous year.
The annual grants received through the FIFA Forward and UEFA HatTrick Annual Solidarity programmes together with television and other rights remain key financial sources for the Association while the gate income from the EURO 2024 home qualifiers against Italy and England in March and June last year also contributed to this improvement. Efforts to boost the Association’s revenues from sponsorship, commercial activities and sports facilities are also paying off.
Total expenditure in 2023 reached €12.5 million, an increase of €1.46 million over the previous year. The preparations, including the associated infrastructural and maintenance works, for major international football events, namely the UEFA U-19 European Championship in July, and the home internationals against Italy and England, are among the main factors behind this rise.
The implementation of key projects and the consolidation of existing initiatives and programmes necessitate a constant investment in human resources, which account for circa 32 per cent of the Association’s annual expenditure. Travel and accommodation expenses for the national teams at all levels, and subventions and assistance programmes for the Malta FA’s affiliated members represent over 30 per cent of the annual expenditure.
Malta FA General Assembly Ivan Mizzi
FINANCIAL RECOVERY PLAN ON TRACK
Despite the positive balance in its operations, when considering depreciation and finance costs, the Association had an excess of expenditure over income of €786,613 last year, down from €3,049,868 registered in 2022. This outcome indicates that the Association’s recovery plan, introduced in 2022 to mitigate the significant financial challenges posed by the COVID-19 pandemic over the preceding three years, is on track.
The Malta FA will continue to adhere to the financial recovery plan as the administration remains firmly committed to prioritising cost-consciousness and efficiency to enhance its financial sustainability and stability. While other major cost contributors such as domestic competitions, development and the technical set-up of the national teams are being constantly monitored, the Association is also ensuring that the progress of key initiatives and projects, especially in talent development and the technical sector, and the level of support given to Member Clubs and Member Associations is not affected by these measures.
The construction of a state-of-the-art National Football Centre at the Malta FA Training Grounds is the main infrastructural project undertaken by the Association in the last three years and works are expected to be completed by the end of this year. In addition to this, works on the resurfacing of club pitches remains ongoing. Both these projects are funded through external financing thanks to government support.
The approval of the financial statements for the year 2023 follows the endorsement by the Association’s Executive Board of a balanced budget for 2024.