FA declare losses of £300million and 124 redundancies due to Covid-19 pandemic

The FA's hospitality revenue from Wembley Stadium, which usually delivers around £35m per year, has completely fallen away and 'will probably take years to recover'


Posted Tuesday, June 30, 2020 by Dailystar.co.uk

The FA have revealed the devastating impact the coronavirus has had on their revenue, after they declared losses of £300m and announced that 124 people will lose their jobs.

Although football action has restarted on the pitch, no fans in stadiums and no events at Wembley means the FA have been hit particularly hard.

The 156-year-old organisation say they have forensically analysed the budget of every division in order to identify the most suitable areas to make costs savings.

But the situation has worsened to a point where they admit they need to reduce the size of the FA in order to deal with the financial impact of the crisis.

FA declare losses of £300million and 124 redundancies due to Covid-19 pandemic
Wembley stadium on what should have been FA Cup Final day on May 23, 2020

"We have lost all of the revenue from events at Wembley Stadium since March and all other future bookings, such as the music concerts in August and the NFL games in October," a statement read.

"Our hospitality revenue from Wembley Stadium, which usually delivers around £35m per year, has completely fallen away and will probably take years to recover.

"Today we are proposing to make 124 positions redundant.

"Because we halted recruitment the day we left the offices in March, we are able to take 42 vacant positions out of the structure, which means that we are proposing to remove 82 roles from the organisation.

"We recognise that this is an incredibly difficult time for those employees who have been affected by these proposals and we will do everything we can to support them during a consultation period, which will start soon.

"Proposing redundancies is the toughest cost-saving measure that any organisation can consider implementing, but we believe that we must now adapt and future-proof the organisation to ensure our cost base reflects a future with significantly lower revenues."

Chairman Greg Clarke said taking the tough financial decisions, such as making employees redundant, has 'deeply hurt' the board.

He added that their core mission is to bring financial stability back to the FA, which is a not-for-profit institution.

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