The FAI's finances are akin to a 'black hole' that are being propped up by UEFA, according to Oireachtas committee chair Fergus O'Dowd.

O'Dowd spoke to Off The Ball following Shane Ross' appearance in front of the Committee on Transport, Tourism and Sport regarding the FAI's disastrous financial affairs.

"It is very serious. We don't actually know the extent of their debts because the auditor couldn't sign off on their accounts for the last year. So it is a black hole, in many respects," said O'Dowd.

"It is exceptionally clear that [the government] are not going to bail out the FAI.

FAI discussions

"Minister Ross also said that it is the job of UEFA, and that they are already giving significant current funding to them. A figure of around €10m was mentioned. So there is financial support from the international body that is keeping them afloat.

"If and when the culture changes - and clearly the new independent directors, the new independent chairperson and independent CEO - they will all be game-changers in terms of a new atmosphere.

"As soon as that happens [...] the blockage may begin to unravel, and a way forward might be found."

O'Dowd also expanded on his thoughts on the FAI's no-show at the Oireachtas, after the publication of their accounts nearly two weeks ago.

"We made it very clear to them [...] that we wouldn't go into anything in the KOSI audit and anything germane to that - that was an absolute guarantee to them.

"Members want to question Mr Conway, that is hugely important to us."

The board of the FAI responded to the Oireachtas by saying statements made at today's Committee meeting made its efforts to secure the association's financial future "more difficult".

In reference to Minister Ross' admission about an €18 million bailout, they said confidentiality had been broken.

FAI Executive Lead Paul Cooke said some of the points raised today were discussed in confidence at Monday night’s meeting, where they presented the government "with a credible business plan".

He said: “The Board, management and staff at the FAI are working hard to avoid an insolvency process.

"We know better than anyone the consequences that would have on our international teams, the League of Ireland and the hundreds of thousands who play football up and down the country every weekend.

He said they were "frustrated" at the delay in the appointment of an Independent Chairperson and three Independent Directors.

Mr Cooke said: “Until the refinancing package is signed-off, it is unlikely that Independent Directors will be available for appointment.

"What was said in the Oireachtas today will not help the recruitment process for those Independent Directors.

“The purpose of the meeting with Government on Monday was to expedite the completion of the refinancing deal, thus allowing the nominated Independent Directors to complete their own due diligence and take up their roles. That remains the priority of the Board.”

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