THE TRINIDAD and Tobago Football Association (TTFA) is working on resolving its debt, which is estimated at $98.5 million, according to Robert Hadad, chairman of the FIFA-appointed normalisation committee.
The normalisation committee was appointed in March 2020 by the world’s governing body, after they dissolved the then-TTFA executive, headed by William Wallace, due to their $50 million debt. The TTFA held an Annual General Meeting (AGM) on September 26, where it was disclosed that they do not have a lease for the land on which the Home of Football facility was constructed (it was opened in December 2019).
It was also pointed out at the AGM that the $42.5 million capital grant was removed as the TTFA does not have an absolute title to the land and, as a result, it cannot be included among the assets of the local governing body. The removal of the $42.5 million capital grant is seen as the primary reason for the increased debt for the TTFA, incurred during the tenure of the normalisation committee.
On Thursday, in a brief telephone interview, Hadad said, “We’re working on methods of resolving the debt.
We’re working on that and we’re waiting on EY (Ernst and Young who) are doing a study for us and are going to give us possible options.”
The TTFA will be staging an Extraordinary General Meeting (EGM) this Sunday, and it will be conducted virtually.
Hadad said, “The EGM has its agenda already and it’s straightforward. It’s to approve the accounts of 2019 otherwise the implications are dire for the TTFA, in terms of compliance with FIFA.
“The issue of the removal of the old Coaches Association and the reappointment of the new Coaches Association (are also) on the agenda,” he added.