Treaty Utd Ltd, the operating company behind Treaty United, recorded a post-tax loss of €998,603 for the year ended December 2025. That figure, which approaches €1 million, followed a post-tax loss of €839,258 in 2024. Year on year, the company’s annual loss grew by €159,345, an increase of about 19 per cent.
By the end of December 2025, the company’s accumulated losses had reached €2.13 million. Over the same 12 months, the amount Treaty Utd Ltd owed to group undertakings rose by around €1 million, increasing from approximately €1.22 million in 2024 to €2.22 million in 2025. The figures come from reporting on the Treaty United financial accounts 2025 by the Limerick Post and the Irish Examiner.
These financial results arrive as the club prepares to retire the Treaty United name and return to the historic Limerick FC identity for the 2027 League of Ireland season. While the latest Treaty United losses point to clear financial pressure before the relaunch, an accounting loss on its own does not prove that a company is insolvent or that the club’s place in the League of Ireland is in immediate danger.
What the 2025 accounts tell us about the club’s financial position
Assessing the wider Limerick FC financial position requires separating past accounting results from immediate cash demands. Accumulated losses measure the total losses carried forward from earlier accounting periods.
While those past losses can weaken a company’s financial reserves over time, the €2.13 million balance is an accounting record rather than a single debt or bill that must be paid in one transaction.
In practice, a football club’s ability to keep trading day to day depends on several practical factors. These include how much cash it holds, the value of its assets, when its debts fall due for repayment, the terms of its loans, and whether it can still access funding.
The sharp rise in money owed to group undertakings is another central piece of the financial picture. Adding roughly €1 million to that balance in a single year shows a growing reliance on funding from related companies within the group structure.
Investor loans, shareholder backing and the going-concern note
A note attached to the filed accounts states that Treaty Utd Ltd continued to lose money during 2026. To cover its everyday working capital needs and pay regular bills, the company has relied on existing cash facilities and Treaty United investor loans. According to the note, the company expects to remain loss-making while its new management team puts its business plan into effect.
The disclosure identifies Treaty Football Holdings Inc. as a key shareholder whose financial backing remains essential for the company to keep operating. As part of the accounting process, Treaty Football Holdings Inc. confirmed that it was both willing and financially able to provide the support needed for Treaty Utd Ltd to continue trading.
In addition, the shareholder agreed not to seek repayment of its loans to the company for at least 12 months from the date the financial statements were signed, except for repayments made in the ordinary course of business.
That commitment gives the club valuable breathing room to manage its short-term finances. When a business has limited cash on hand, a sudden demand for repayment from a major lender can put immediate pressure on its ability to pay everyday bills and meet other obligations.
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Even so, that 12-month pledge has clear limits. Pausing loan calls does not wipe out the debt, and it does not mean the club has stopped losing money. The exact length of the protection also depends on the date the accounts were signed.
Together, the shareholder’s commitment and the new management’s business plan form the basis of the directors’ going-concern assessment. In company accounts, a going-concern disclosure explains why directors believe a business can continue operating for the foreseeable future. For Treaty Utd Ltd, staying on course depends directly on continued shareholder support and the delivery of that business plan.
The return of Limerick FC and the 2027 Heritage Season
Away from the balance sheet, the club has spent recent months preparing to bring back the Limerick FC identity from the start of the 2027 campaign. After an initial announcement in June and a period of public uncertainty over the use of the name, Treaty United confirmed in September that the formalities and approvals to acquire the intellectual property associated with Limerick FC had been completed.
In early October, Treaty United and Carew & Limerick FC stated that they had resolved the substantive matters between them over the return of the name and would complete the remaining practical steps cooperatively.
The club has framed the change as a way to bring Limerick football’s history together with the League of Ireland platform built by Treaty United. The 2027 campaign will mark 90 years since Limerick FC was founded in 1937, and the club plans to celebrate the milestone with a special Heritage Season.
On 26 October, the club announced the launch of a new microsite ahead of the 2027 season, opening a temporary Limerick FC heritage website to keep fans and commercial partners informed before the switch. The site promotes packages for jersey sponsorship, pitch-side advertising, matchday hospitality, academy partnerships and community initiatives.
Returning to a familiar name offers a clear chance to reconnect with supporters who identify with Limerick FC, boost ticket demand, lift merchandise sales and attract new sponsors. However, potential commercial interest is not the same as confirmed revenue. Each of those income streams depends on turning goodwill around the badge into actual spending by fans and long-term commitments from business partners.
Sporting performance, coaching continuity and wider club operations
The off-pitch transition follows contrasting fortunes on the field. In 2025, both the men’s and women’s senior teams recorded what reporting described as their best seasons to date. The 2026 campaign proved much tougher for the men’s side.
Treaty United ended its final League of Ireland match under its current name with a 2-0 win over Cobh Ramblers in October, but the men’s team still finished second from bottom in the First Division. Those results show how quickly sporting form can shift, though there is no evidence that the 2025 financial losses explain the men’s team’s 2026 league finish.
Beyond the men’s first team, the club operates a senior women’s team and an academy that will also move into the Limerick FC era. To maintain continuity across the football department for 2027, the club has confirmed that Tommy Barrett will remain men’s manager and Laurie Ryan will stay on as women’s manager.
Barrett previously managed Limerick FC and has led Treaty United’s men’s side since its inaugural season in 2021, while Ryan took charge of the senior women’s team ahead of the 2026 campaign.
Keeping both managers in place settles the coaching leadership before the name change. By itself, however, coaching continuity does not answer wider questions about the 2027 playing budgets, recruitment plans or the long-term direction of the club’s operations.
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What remains unknown in the financial picture
(kbd.photos (Instagram)
A spokesperson for Treaty Utd Ltd declined to comment on the accounts when approached by the media, and the club has not published a detailed financial plan alongside its rebrand announcements. Because public reporting only covers parts of the filed statements, several important pieces of information remain unavailable.
Without seeing the full financial statements and balance sheet, readers cannot review the complete going-concern note, the assumptions behind the directors’ assessment, or any specific risks flagged in the full filing. The published reports also leave out the company’s cash balance at the end of 2025, its cash position when the accounts were signed, and the money it holds today.
On the debt side, the coverage does not set out the full terms of the balances owed to group undertakings. It remains unclear which group entities are owed money, whether those loans carry interest, when they fall due for repayment, or what other liabilities are coming due.
Nor do the reports state how much additional funding Treaty Football Holdings Inc. has committed for 2027 beyond the 12-month loan repayment agreement, or what conditions might be attached to future support.
Inside the football business, the public reports do not provide a complete breakdown of revenue, operating costs and cash flow. As a result, it is not possible to see which areas of the business are driving the losses, how much the men’s team, women’s team, academy and other operations each cost to run, or whether the club plans to change how it splits funding between them in 2027.
Finally, the club has not shared financial targets from the new management’s business plan, including forecasts for when losses might narrow, when the company expects to break even, or how much sponsorship and ticket income has already been secured for the relaunch.
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Turning heritage into a sustainable business
The central challenge for the club heading into 2027 is not simply the money lost in 2025, but how it funds its ambitions while remaining loss-making and reliant on shareholder backing. Support from Treaty Football Holdings Inc. gives Treaty United a practical route to keep operating as its management works through its business plan.
Carrying Limerick FC’s heritage into the future will require matching the club’s off-pitch ambitions with a realistic budget. That means balancing the ongoing cost of running the senior men’s team, the senior women’s team and the academy against the income the club can reasonably expect from supporters and commercial partners, while knowing how much external funding is available to cover any shortfall.
The real financial test of the relaunch will play out as the Heritage Season approaches and Limerick FC shows whether renewed interest in its historic name can be converted into durable revenue and a more sustainable business.
