Revenue is vanity. Profits are sanity. Cash is reality. I could not help but think of that phrase as I teased my way through the annual reports of the Football Association of Ireland (FAI) for the past eight years. On the face of it, the accounts paint a pretty picture, with consistent surpluses, robust revenues and solid reserves. But a detailed and forensic analysis of the association’s cash flow position yields an entirely different view. And it is a view that that will no doubt startle the myriad of accountants and consultants who have been brought in by the FAI…

Want to continue reading?

Join today with an Annual membership and get full access to The Currency for just €200 (68c per day) or try monthly membership for just €5 for your first month.

Subscribe

Cancel at any time.

Are you already a member? .