FAW reports further growth and investment

The Football Association of Wales is pleased to announce record revenue for a non-qualification year, of £32.4m for the year ending June 2024 (FY 24). This represents an increase of 40% on the previous high, which was recorded in FY 22. Gross profit was £21.6m during FY 24 (up from £21.1m in FY 23), with a gross profit margin of 67% (up from 58% the previous year). 

Throughout the year, FAW took advantage of higher interest rates, which helped to mitigate the impact of not participating in the men’s UEFA EURO 2024 tournament. After accounting for interest, dividends and the gain on the fixed asset investments, the profit after tax was £1.1m (compared to £0.2m in FY23).

The key elements supporting the delivery of FAW’s record revenue numbers:

• Increased attendances at home matches, with two capacity crowds for Men’s EURO 2024 play-offs. 
• Accessed all available funding from UEFA & FIFA, in line with their frameworks, to deliver footballing provision throughout Wales and on the world stage. 
• Received further support from the Department of Culture Media and Sport (DCMS) to enable the Cymru Football Foundation (CFF) to invest in community grassroots facilities across Wales.

FAW also grew its revenue streams throughout its core business, which was helped further by the performance of its investment portfolio and treasury management at a time of higher interest rates.

FAW Chief Financial Officer, John Young said: “The positive results for FY 24 reflect an association rooted in solid foundations, with good risk management but with the agility to be able to adjust where necessary. Not participating in the men’s EURO 2024 or benefiting from the additional funding that would have been generated, did not hinder the organisation’s ability to continue to progress both on and off the field. 

“Supporting the Women’s National Team to qualify for its first major tournament has been a feature of FY 25 on the field. Off the field, a comprehensive review of systems and processes throughout the business has positioned us well to invest further in growing the game in Wales.”

The FAW continues to be grateful for the unwavering support from the Welsh Government, via Sport Wales and the UK Government, through DCMS. Their investment has enabled the FAW to partner with local authorities and clubs to fund new facilities across Wales through the Cymru Football Foundation. This collaboration has brought about significant positive changes to communities throughout the region, with over £17m being invested since October 2022.

The FAW’s balance sheet remains strong with reserves of £15.8m at the end of FY 24. 

FAW Chair of Finance, Audit & Risk Committee, Carol Bell said: “The strength of FAW’s financial performance in a year when we did not benefit from participation in a major tournament reflects our resilience, access to diverse funding sources and the benefit of holding financial reserves at a time of higher interest rates. This has enabled FAW to continue investing in grassroots development to create a sustainable football association for pawb/everyone while supporting our international teams to perform.”

The FAW’s internal plan for change – Together Stronger for the Future – was recently approved by FAW Council and marks a significant step forward for the association following extensive consultation with stakeholders around significant governance changes. With over 30 recommendations, the plan for change has gained the strong backing of the FAW Council, ensuring that Welsh football continues to evolve into a world-class organization. 

FAW CEO, Noel Mooney said “’We are delivering the strategy for Welsh football – Our Wales/Ein Cymru – every day with passion, with determination and with desire to see the FAW become the world’s best football association. We do this in an ambitious but efficient way, devoting the resources required to deliver great international results. 

“With both our Women’s and Men’s teams now playing in the top leagues of European football, Welsh football is firmly placed on the world map while we invest to revolutionise and grow grassroots football at all levels. Since the end of FY24, we have agreed further governance reforms which will enable us to go from strength-to-strength in the coming years.”

Key changes in Together Stronger for the Future include transitioning the FAW into a company limited by guarantee from 2027, welcoming new representatives to the Council to enhance diversity and inclusivity, and restructuring governance through the introduction of football advisory committees. These committees will focus on crucial areas such as strategic planning, national competitions, grassroots football, and women and girls’ football, with independent members contributing to decision-making. Additionally, the dissolution of the Officers & International Game Board and the introduction of a ringfenced female-only Vice-Presidency highlight the FAW’s commitment to modernising its leadership structure.

These reforms reflect the FAW’s dedication to ensuring football in Wales is more inclusive, progressive, and aligned with best governance practices. By implementing these changes, the FAW is sending a clear message to its partners and stakeholders about its ambition to foster sustainable growth and development across all levels of the game. While significant work remains to bring these recommendations to life, this roadmap provides a strong foundation for the future of Welsh football.