The Malta FA’s audited accounts for 2024 show a marked improvement in the Association’s financial situation culminating in a surplus of income over expenditure for the first time in four years post pandemic.
While the total income has once again reached the €13 million mark, a minimal increase from 2023, the Malta FA’s diligent approach has led to a significantly reduced annual expenditure of just over €11.7 million resulting in a closing balance of €31,828 following the deduction of the clubs capital contribution and finance costs among others.
Presenting the audited accounts during the on-going General Assembly at the Centenary Hall, Malta FA Treasurer Ivan Mizzi delved into the key aspects of the Association’s financial performance in 2024.
Photo courtesy of domenic aquilina / Malta FA
MAIN INCOME SOURCES
Income from television and other rights exceeded €3 million, representing 23.5 per cent of the annual revenue. It remains an essential financial source for the Association along with the annual grants received through the FIFA Forward (€1.5 million) and the UEFA HatTrick Solidarity (€2.9 million) programmes. The organisation of UEFA youth qualifying and development tournaments in Malta and the participation in youth competitions, up to Under-21 level, generated €1,672,000 in 2024.
There has also been a consolidation of the improved revenues recorded in recent years through the Association’s marketing and commercial activities, and the use of sports facilities which yielded €735,000 and €680,000 respectively. The Malta FA received €679,902 in government grants which are being reinvested into the game at club and community level.
The Association’s financial performance in 2024 takes on added significance when considering that it was achieved during a relatively quiet year in terms of gate receipts from crowd-pulling international matches compared to 2023 when Malta hosted Italy and England in EURO 2024 qualifiers at the National Stadium. In fact, the gate income from international and domestic matches decreased by €840,000 in 2024.
REDUCED ANNUAL EXPENDITURE
While the Malta FA managed to slash its annual expenditure by €780,000 from 2023, the cost-cutting measures had no impact on the number of international commitments. On the contrary, our national teams were involved in a total of 102 international matches across all age-groups during 2024, an increase of 15 matches compared to 2023.
Notwithstanding the rise in the number of international matches, the travel and accommodation expenses went down to €1.8 million across the entire spectrum, representing 15.2 per cent of the total expenditure in 2024.
ANNUAL WAGE BILL DOWN BY €200,000
Inevitably, given its status as the largest sports association in Malta with the equivalent of 117 full-time employees, the Malta FA’s annual wage bill accounts for slightly more than 30 per cent of the annual expenditure. However, in 2024, the Malta FA spent €200,000 less on wages and salaries thanks to the on-going organisational restructuring aimed at optimising the organisation’s human resources.
The Association has also sustained its level of support for Member Clubs and Member Associations with €2 million spent on subventions, assistance and schemes in the domestic level.
The annual expenditure on the maintenance of sports facilities and greenkeeping was €842,622 of which €616,762 was spent on the upkeep of the National Stadium and the Association’s facilities at Ta’ Qali, including the wages of the greenkeepers.
With an estimated investment running into millions, the on-going construction of a state-of-the-art National Football Centre at the Malta FA Training Grounds represents the main infrastructural project undertaken by the Association. The new complex will be inaugurated later this year.
TARGETS ACHIEVED
The financial report for 2024 confirms that the Association’s robust recovery plan, introduced in 2022 to address the significant financial challenges posed by the COVID-19 pandemic over the preceding three years, is paying off as enunciated by Ivan Mizzi, the Malta FA Treasurer, in the closing part of his address.
“Between 2020 and 2023, the Malta FA implemented an ambitious four-year strategy and honoured its obligations to Member Clubs and Member Associations despite going through a difficult period from a financial perspective,” Mr Mizzi said.
“It is pertinent to point out that the financial recovery plan, which was approved by the Executive Board, is being implemented and the financial report presented today shows that our targets for 2024 have been attained.”
The Malta FA will continue to rigorously adhere to the financial recovery plan, emphasising cost-consciousness and efficiency to enhance its financial sustainability and stability in the long term.