With strong levels of reinvestment into the game it posted losses for its 2024/25 financial year
14:25, 14 Apr 2026Updated 14:27, 14 Apr 2026
Welsh football fans.(Image: Getty Images)
The Football Association of Wales (FAW) has posted record revenues but with high levels of reinvestment back into the game has slipped into the red on profit.
The FAW said the failure of the men’s national team, to qualify for the World Cup this summer – although it never budgets for tournament qualification – had resulted in the loss of a projected net positive impact for the governing body of at least £1m, rising to £1.5m if Craig Bellamy’s team had qualified out of the tournament’s group stage. This would have ratcheted up the further the team progressed.
Due to the higher logistical cost with the tournament being played across the US, Canada and Mexico, most participating nations are forecasting a smaller profit margin than in previous tournaments.
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For the last World Cup in Qatar, and qualifying for two European Championships, the distribution of proceeds for Wales was roughly equally split between player and management payments, logistics with the remainder going to the governing body for reinvestment.
For its financial year to the end of June, 2025, the FAW saw revenues rise 27% to £40.5m, compared £32.36m a year earlier.
The FAW continued to benefit from funding from football governing bodies, the UK Government and Sports Wales. Funding from governing bodies was up from £6.86m a year earlier to £9.49m, with backing from the UK Government’s Department for Culture Media and Sport, up from £4.26m to £7.6m.
The FAW has secured far more investment from government sources than the WRU in recent years – outside of the Cardiff Bay administration refinancing a Covid loan for the WRU (recently refinanced again with HSBC and Goldman Sachs), which at one stage had an eye-watering interest rate of more than 8%.
Other revenue lines for the FAW in its last financial year saw match and league income up from £5.16m, to £5.95m, sponsorship up from £3.21m to £3.37m and TV and radio up from £2.06m to £2.54m.
Following investment it posted net losses after tax of £3.4m, compared to a profit of just over £1m a year earlier.
At year end it had a cash position of £10m and £8.6m in its investment fund.
The fund having been managed by HSBC, is now managed in two separate pots by Brewin Dolphin and Sarasin. At year end, having sold down its HSBC portfolio, it had only deployed a new mandate with Brewin Dolphin.
However, in July Sarasin took up its investment mandate of around £8.5m.
With the FAW increasing its headcount during the year from 164 to 180 its staffing costs increased by £1.3m to £9.1m. The highest paid director was its chief executive Noel Mooney with a total remuneration, including contributions to his defined pension, of £305,945, up just over £4,000 on the previous year.
FAW chief finance and operations officer John Young said: “The disappointment of the men’s national Team not reaching the World Cup is still fresh in all our minds, but our financial results and strategic investments position us for long-term success in future tournaments.
“Our commitment to balancing the requirements of high performance on the pitch with sustainable growth, innovation and inclusivity will ensure Welsh football continues to thrive.
“The organisation recognises that operational losses are not viable over the long term but believes that, given the strength of our balance sheet, continued investment is justified to strengthen our domestic league, provide our national teams with the best possible opportunity for tournament qualification and success and to support the growth of the grassroots game.
“Management will continue to balance financial discipline with strategic investment to support both immediate sporting objectives and the organisation’s longer-term financial sustainability.”
The FAW is currently consulting with stakeholders on a new 10-year strategy which will run until 2036.
Carol Bell, chair of its finance, audit and risk committee, said: “The FAW has been able to continue to invest in the game in Wales and deliver on its Ein Cymru/Our Wales strategy thanks to the strength of its balance sheet, long term vision and the commitment of its partners in both Welsh and UK government.
“Investment in women’s football in Wales, for example, was a major plank in this strategy and during FY25 our national team qualified to play in its first major tournament in Switzerland which took place just after the year end.
“We are well positioned for the future with a disciplined approach to investment, risk management and financial sustainability.”
Mr Mooney said: “We have more than doubled the revenues of FAW in just five years. Shortly, we will launch a new 10-year strategy to map out the path to sustainable success through to 2036.
“We have grown participation from 90,000 to 120,000 over the past four years and we will now set our sights on growing participation further to 160,000 players alongside attracting more match officials, more coaches and more volunteers to be part of our football family in Wales.
“This is a time of investment for us. For the first time, we have invested heavily in the domestic game to grow football here and, next season, as we move to 16 teams, will be very exciting.
“Building the Adran Premier strategy is also under way to grow the women’s domestic top league.
“Across Wales, we are investing in badly needed facilities, both at elite and grassroots level, to ensure we can grow the game for many years to come.
“Our men’s national team are looking forward to competing in Nations League A this autumn and our women’s national team are focused on returning to Nations League A on the back of our first ever major tournament in Switzerland last summer.
“We are currently reviewing the resources required to deliver our new strategy in the most efficient, effective and sustainable manner leading to an even brighter future for Welsh football.”
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