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Bad debts and fiscal deficits are not the sole prerogative of the State, it seems. The Malta Football Association is in a dire financial situation according to the former Valletta FC president and contestant for the post of MFA president, Joe Caruana Curran.
In an interview with MaltaToday, Caruana Curran described the investment made in the Millenium Stand at Ta’ Qali as a bad decision with little possibility for the association to recoup the investment in the medium term.
“As far as I know, close to Lm4 million have been spent on the building and finishing of the Millennium Stand. Such an expense has put the MFA in a dire financial situation. We have to remember that to make an investment of that magnitude the MFA has to ensure it has the revenue to sustain it. I cannot see how such an investment can be recouped in the near future,” Caruana Curran told MaltaToday.
He dispelled the commonly held notion that the MFA is a rich association. “I wouldn’t say that the Association is rich today,” Caruana Curran said. “We haven’t seen the accounts for this year but it seems very clear that the Association faces financial problems. It is possible that the MFA, some time ago was in a much sounder financial position.”
Caruana Curran is contesting MFA President Joe Mifsud for football’s top post. This is the first time in 12 years that Mifsud has been contested. The election for MFA president is to be held next Saturday during the MFA general meeting.
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