The government has pledged to raise at least €2bn for the Italian Football Association (FIG) after a series of setbacks with the financial watchdog.
A report by the parliamentary watchdog, the Commission for Audit and the Social Market, warned that the association’s debts stood at €1.7 billion and its assets of €3.2 billion, including assets held by the national fund, had been reduced from €5.8 billion to €1 billion.
The Italian Football Federation (FIG), which runs Serie A and is the country’s richest club, was one of the biggest beneficiaries of the restructuring, with the fund now expected to be worth €2 billion.
This is the first time since March last year that the FIG has had to write off a portion of its liabilities, but the watchdog said it was now “almost certain” the money would be transferred to the association from the public purse.
The FIG is now in discussions with the central government, which is expected to provide up to €2,000 per person, and other parties, to make sure the debt reduction is not blocked, according to the report.
The association has until March 10 to submit its accounts, which it has not done.
The government, however, is not expected to make any changes to the deal until the end of June, after which the association is expected “to propose to the relevant authorities for approval” of the debt restructuring, according a statement by Minister of Finance Pier Luigi Bersani.
The first of two debt restructuring deals signed between the government and the FIG was approved by the Italian parliament on February 6, 2016, which included an initial payment of €2 per person.
But the association has not yet published the accounts of its debts.
The Commission for Auditors is currently conducting an audit of the FIG and is due to publish its findings in June.