Football: FA post record £370m turnover despite Euro flop

London (AFP) - England's Euro 2016 campaign may have ended in a humiliating defeat by Iceland but that did not stop the national governing Football Association (FA) making a record £370 million (S$655 million) turnover during the 2015-16 season.

Figures released by the FA on Thursday in its accounts for the year to July 31, 2016, showed it made a profit of £7 million after tax, having lost £9 million in 2015. Turnover was up £52 million to £370 million, allowing the FA to invest £125 million in the domestic game.

Tournament years for the men's national side generally produce greater sponsorship and marketing revenue, with the figures published on Thursday also a reflection of job cuts made by the FA and the refinancing of Wembley - the national stadium in London, and the St George's Park training centre.

"We are delighted to be in such strong financial health," said FA chief executive Martin Glenn in a statement.

"The FA is for all and this allows us to invest even more money than ever before back into every level of our national game."

He added: "At the end of 2016 we announced key commercial deals, including the international broadcast rights for the Emirates FA Cup and the new 12-year deal with Nike, which means the FA is extremely well positioned to support English football for the foreseeable future."

The combined worth of the Nike kit deal and the overseas TV rights for the FA Cup will be nearly £170 million, but those agreements do not start until 2018.

But all the encouraging financial figures will not ease the pressure on the FA, under-fire for both the performance of the men's side and its own governance.

Roy Hodgson quit as manager after England's Euro 2016 exit, with his successor Sam Allardyce overseeing just one game before stepping down last September as a result of an expose by undercover Daily Telegraph reporters.

Meanwhile Britain's sports minister, Tracey Crouch, has threatened to withdraw millions of pounds in public funding for grassroots football from the FA if it does not reform its unwieldy governance structure.