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The governing body for Irish football received positive news regarding stadium loans and remains on course to achieve the objective of being debt-free by 2020

The Football Association of Ireland (FAI) has reached an agreement that will see a €12.5 million write-down of loans associated with the redevelopment of the Aviva Stadium.

Having been locked in negotiations with Danske Bank for several months with regard to the loans, the FAI eventually secured a reduction on a €59 million debt, meaning that the association now has €43 million left to pay.

The FAI will also have lower interest payments to make on the loan, which represents a significant financial boost as it continues its aim to be debt-free by 2020.

Despite missing out on a place in the 2014 World Cup, the news comes as a boost to the association, which is due to benefit from a new Uefa television rights deal worth €40 million over four years, from January 2014.