The Malta Football Association reported a deficit of €1.6m in its finances after financial statements for the period April-December 2021 were presented during the Association’s first General Assembly of the year 2022 on Tuesday.
The report, presented by association Treasurer, Ivan Mizzi showed that the MFA had a total operating income over 9 months of €6.2m, while the total expenditure was of €7.8m.
The national football organisation said it mainly attributes this loss to the heavy impact of the COVID-19 pandemic, which caused the second season in a row to be stopped short. They added that besides this, the Association incurred significantly higher costs related to match operations and international travel to adhere to public health protocols.
MFA President, Bjorn Vassallo, during the meeting, said that the Association will embark on a recovery plan to restore its financial stability through targeted interventions. This will start with a review of its budget for 2022 in a drive to reduce costs. In so doing, the Association will be able to rely on FIFA and UEFA funding which remains critical for its sustainability, without giving away on the technical and development projects and on incentive-based assistance to its member clubs and member associations.
Tuesday’s Assembly was one of three set to take place throughout the year for the association.
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