FAW hits record £40.6m turnover as Euro 2028 pipeline supports higher investment

The Football Association of Wales has reported record turnover of £40.6m for the financial year ending June 2025, up 25% on its previous high, as it stepped up spending across performance, participation and infrastructure.Gross profit rose to £27.7m, with a stable gross margin of 68%, while net assets stood at £11.8m supported by cash reserves of £16.1m, the association said in a statement.Chief finance and operations officer John Young said the FAW had taken a deliberate decision to accept an operating loss in order to invest, citing the “visibility of guaranteed future income” linked to hosting EURO 2028. John Young said: “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.”The FAW recorded an operating loss of £5.0m and a net loss after tax of £3.4m. It said the post-tax position reflected investment returns and deferred tax movements linked to a transfer of its investment portfolio.The association said FY25 revenue growth was supported by increased attendances at men’s and women’s home matches, Nations League winner’s prize money for the men’s national team, and the women’s national team qualifying for their first major international tournament in December 2024.Additional contributors included higher UEFA funding linked to expansion of the Cymru Premier, Welsh Government support to expand FAW headquarters, and collaboration with UK Government and the Premier League to help the Cymru Football Foundation invest in community grassroots facilities.Carol Bell, chair of the 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.”The FAW said it is consulting stakeholders on a new 10-year strategy running until 2036. Chief executive Noel Mooney said: “We have more than doubled the revenues of FAW in just five years,” adding that participation has risen from 90,000 to 120,000 in four years, with a target of 160,000 players.Mooney said the organisation has invested heavily in the domestic game and expects the move to 16 teams in the Cymru Premier next season to support growth, with work also under way on an Adran Premier strategy for the women’s top tier.