The Malta FA reported a significant increase in its annual income and pre-tax profit for the year ending May 31, 2013.
Presenting the financial report at the start of yesterday’s AGM, Antoine Portelli, the outgoing treasurer, announced that the association’s income topped €7.54m last season, up by over €1.7 million from the previous year.
The bulk of the association’s earnings, exceeding €3.4 million, came from UEFA’s assistance programmes and grants.
The association’s operating profit before interest and extraordinary items was €2.3 million, an increase of €1.32 million over 2012.
Portelli provided a detailed assessment of the Malta FA’s investment in clubs’ infrastructure over the past three years.
The Malta FA poured €12.4 million (excluding government grants) into club facilities, an increase of over €9 million compared to the previous three years.
The annual accounts also showed that the association’s expenditure had increased by around €668,000 to €5.2 million from the previous year.
“The MFA invested €2 million towards improving its own infrastructure, including a complete refurbishment of the VIP area of the National Stadium, the technical centre, referees’ headquarters, IT and electronic turnstiles,” Portelli said.
Portelli made a comparative analysis of the MFA’s financial performance in the periods 2007-10 and 2010-2013.
The earnings of the MFA went up by €3.6 million in the last three years while the profit rose by €1.5 million.
“Under the presidency of Norman Darmanin Demajo, the Malta FA’s outlay on clubs’ facilities increased four times compared to the previous three years,” Portelli said.
Salaries, MFA officials’ remuneration and allowances to executive and council members accounted for €642,729 of the association’s annual outlay.
The accounts for the national teams, youth and grassroots development revealed a profit of €1,008,462, up by over €600,000 from the previous year while the revenue increased by over €1.5m.
Players earned €110,535 in bonuses and appearance money last season while the MFA paid just over €700,000 in wages to its technical staff.
Portelli thanked all those present, particularly president Darmanin Demajo and Bjorn Vassallo, the MFA CEO.
On his decision not to pursue a second term as MFA treasurer, Portelli said: “The reasons were solely work-related and although football administration is my passion, I think it is not right for someone to take up a post when not sure that he can devote his 100 per cent to the job.
“I’m still willing to keep assisting the MFA and clubs but for the time being, I’m taking a step back.”