The club was officially launched on Monday after months of negotiations and work from the various stakeholders, including the association
Speaking at the launch of the new Galway Football Club on Monday, John Delaney described the occasion as "a very important night" for the League of Ireland as well as the region in general.
"We in the association have obviously been involved with a lot of work over last 18 months, and I'm delighted, absolutely thrilled, that tonight we're launching the new club and that there's one senior football team in Galway," said the FAI chief.
"It's a very important night not only for Galway but for Airtricity League football. I think it was important to accept the O'Connor report and meet the stakeholders, but at no stage did I think it wouldn't happen."
Galway have already begun preparations for the 2014 season, appointing former Cork City boss as manager.
Meanwhile, Delaney also revealed that he would prefer to see eight teams competing in the 2014 Airtricity First Division.
With the removal of Mervue United and Salthill Devon from the competition in favour of Galway one space remains open and Shamrock Rovers are believed to be prepared to enter a reserve or 'B' team into the division.
"It will be judged on its merits," said Delaney of Shamrock Rovers' application. "I'd prefer to see an eight-team division. We will see what Rovers' application is, but we would like eight."