The Malta Football Association will head into its first Ordinary General Assembly of 2026 with a serious financial warning hanging over one of the most important items on the agenda.
In its official circular to member clubs, member associations, and the Executive Board, the MFA confirmed that the meeting will be held on Wednesday, 15 April, with item five dedicated to the presentation and approval of the consolidated and audited financial statements, together with the independent external auditors’ report.
That agenda item now carries added weight after Malta Sport examined the audited accounts published on the MFA website and, in particular, the wording contained in the Independent Auditors’ Report to the Members of the Malta Football Association issued by VCA Certified Public Accountants, the firm acting as the MFA’s independent external auditors. It is important to make a clear distinction here.
The warning contained in the audited financial statements is that of VCA Certified Public Accountants, namely the MFA’s appointed auditors, whose report forms part of the official financial documentation placed before members ahead of the General Assembly. Separately, for this article and to give readers added clarity and professional context from someone working in the field, Malta Sport also consulted a certified auditor independently to explain the significance of the wording used in VCA’s report and what such a disclosure normally signals in auditing and financial practice.
The most significant passage in the MFA auditors’ report appears under the heading Material Uncertainty Related to Going Concern.
In that section, VCA Certified Public Accountants state that they are drawing attention to Note 1 of the financial statements, which indicates that the Association had an accumulated deficit of €4,452,667 as at 31 December 2025. The report goes on to say that these events or conditions are of fundamental importance to users’ understanding of the financial statements because of the potential impact that a material uncertainty exists that may cast significant doubt on the Association’s ability to continue as a going concern. The auditors add that their opinion is not modified in respect of this matter. That is not routine wording.
To help readers understand the seriousness and practical meaning of that official disclosure, Malta Sport sought the view of an independent certified auditor. This consultation was carried out specifically to provide this article with added credibility and informed professional interpretation from a person working in the auditing field, while keeping separate that expert explanation from the formal opinion issued by the MFA’s own auditors.
According to the certified auditor consulted by Malta Sport, “The auditor’s inclusion of a material uncertainty related to going concern is a serious matter and not a disclosure that any organisation would wish to have in its audit report. It signals that there are identifiable conditions which, at the reporting date, cast significant doubt on the Association’s ability to continue operating over the next twelve months.”
The auditor contacted by our news portal further explained that such a paragraph is widely regarded as a warning sign by stakeholders, particularly lenders and financial institutions.
“From a banking perspective, it highlights that the Association’s continuity is dependent on the successful outcome of key future events, most commonly the renewal or refinancing of existing debt facilities. Where, for example, a loan is due to mature within a short timeframe, the disclosure reflects the absence of certainty that such financing will be rolled over on acceptable terms.”
While the disclosure in VCA’s official report does not mean that the Malta FA is about to cease operations, it does place the Association’s finances firmly under the spotlight.
The certified auditor consulted by Malta Sport also stressed that such wording points to increased financial risk at the reporting date and may affect how management plans, borrowing arrangements and stakeholder confidence are assessed.
“While this does not mean that the Association will cease operations, it does underline a heightened level of financial risk and uncertainty at the reporting date. In practice, it places increased scrutiny on management’s plans, may affect credit assessments, and can influence the confidence of counterparties and stakeholders.”
That context gives major significance to next week’s General Assembly. Delegates will not simply be asked to approve a set of audited accounts. They will be expected to consider financial statements carrying a formal warning, issued by the MFA’s own external auditors, VCA Certified Public Accountants, that significant doubt exists over the Association’s ability to continue as a going concern, while also looking ahead to wider plans for the future. The same agenda includes the appointment of independent and external auditors and a Masterplan Launch later in the sitting. For Maltese football, this is not a minor accounting footnote.
The MFA is the governing body of the national game. Any indication of financial instability within the Association raises obvious questions about sustainability, governance, debt management and long-term planning.
The auditors have not qualified their opinion on the truth and fairness of the accounts. But VCA Certified Public Accountants, in their official report to MFA members, have issued a warning that no stakeholder can ignore. And with the matter now formally placed before the General Assembly, the pressure will be on the Malta FA leadership to explain what lies behind the accumulated deficit, what financial measures are in place, and how it intends to navigate the uncertainty flagged in black and white by its own independent auditors.
For now, one thing is clear. When the MFA’s members gather on 15 April, the finances will no longer be just another agenda item. They will be the story.
MFA RIGHT OF REPLY TO OUR ARTICLE
Dear Malta Sport team,
Below please find the Malta FA’s right of reply for the following article for publishing: https://maltasport.mt/football/malta-football/mfa-finances-under-scrutiny/
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The Malta Football Association refers to the unsigned article published by Malta Sport concerning its audited accounts, which are yet to be discussed and approved by its members at the General Assembly scheduled for Wednesday, 15th April 2026.
While fully respecting the role of the media in reporting and scrutinising matters of public interest, the MFA expresses its disappointment that the article in question fails to present a complete and balanced picture. In particular, no reference was made to the fact that the MFA registered an excess of income over expenditure of approximately €1.2 million for the financial year ending 2025. This marks the second consecutive year running recording an excess of income over expenditure, while also contributing to a further reduction in the Association’s accumulated losses over the COVID period.
Moreover, the article omits to mention that the MFA has continued to fully adhere to the recovery plan previously approved by the General Assembly, with tangible and measurable results now being achieved.
Whilst news portals are entirely entitled to analyse and critique, there is an inherent responsibility to ensure that reporting reflects the full factual context. It is the MFA’s considered view that the article in question does not meet this standard.
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