The Football Association has cited the Qatar 2022 World Cup after its revenue was dented and operating profit slashed by almost £100m last year.
The FA saw revenue drop from £518.8m to £481.8m and operating profit fall from £138.6m to £39.4m for the year ending July 2023. It blamed the worsening figures on a reorganisation of the calendar necessitated by the World Cup taking place in winter, during the middle of the domestic season.
As a result the Community Shield and two men’s England internationals were brought forward into the previous accounting year, which the FA said had caused a £43.6m swing.
The governing body was also hit by a £24.3m reduction in broadcast revenue but still ended the year with £225.8m cash in the bank.
“This year we’ve made strong progress towards our strategic goals despite the difficult economic climate and the challenging targets that we set for ourselves,” said FA chief executive Mark Bullingham.
“We’ve increased our investment into all levels of football for the first time since the global pandemic, while building up a cash reserve as self-insurance against similar events which may negatively impact us in the future.
“We’ve also finished repaying the debt from building the new Wembley Stadium, which is a significant milestone.
“We have a motivated team which is passionate about driving meaningful change within the game and our communities across the country.
“I’m confident that we head into the future in robust financial health, with the ability and desire to rise to the challenges and the opportunities ahead of us.”