The FAI fears seeing the Ireland team dumped into the abyss if the debt-ravaged association goes under.
“We need every stakeholder to engage here because it is dangerous - we are in dangerous territory,” said FAI executive lead Paul Cooke last night.
“I mentioned liquidation and we are heading damn close to the red zone.
“Would we be out of UEFA for years if we went into liquidation? I don't know the answer. It's a horrible thought.
“There would be no international matches and uncertainty over League of Ireland clubs’ participation in Europe. They are your most severe consequences.”
FAI chiefs have called on the government, UEFA, Sport Ireland and Bank of Ireland to join forces in round table crisis talks in January to save the association from oblivion.
FAI president Donal Conway said: “Sport Ireland are receptive. UEFA is receptive. The Bank of Ireland is receptive. Those stakeholders are certainly agreeable.
“The meeting on the 14th, as of now, is bilateral between the government and UEFA. But UEFA will meet other stakeholders while it’s in Dublin.”
With debts soaring over €62 million, FAI delegates at yesterday’s reconvened AGM at Citywest heard that liquidation is ‘possible’.
FAI financial boss Alex O’Connell said the expected losses for 2019 are between €3 million and €4 million.
The FAI has not ruled out selling its stake in Aviva Stadium but said it was a difficult process that would need to recoup at least €50 million to make it a viable option.
The FAI needs an instant €18 million injection just to stay afloat but at Leinster House a fortnight ago, the government rejected such a bailabout request.
But last night, it emerged that FAI top brass held another secret meeting with Sports Minister Shane Ross four days later, which was described as ‘constructive’.
And in a statement last night, Ross said: “The government does not see either liquidation or examinership as a viable option for the Association or for Irish Football.”
But Cooke warned: “We are engaged in discussions with everybody but if we saw there was no future then as directors we have a decision to make.
“We are incurring other liabilities, so if we’re not in a position to see ourselves as a going concern, we cannot continue. It doesn't matter what's due when.”
FAI staff fear losing their jobs in the weeks ahead and, on the pitch, Ireland fans are worried that the Euro 2020 playoff against Slovakia in March could be forfeited.
If the FAI is liquidated, the Republic of Ireland would not be permitted to field international teams at any level.
Cooke said: "You're going into awful territory that's never been there before. I really don't know what the import of that would be.”
Quizzed on whether the Slovakia game would go ahead as scheduled, FAI president Conway said: “If we were not a going concern, that jeopardises our participation in international football.
“There are certain conditions for membership of UEFA and FIFA and being a going concern would be important in terms of those conditions.”
Asked about Dublin remaining as one of the host cities for the Euro 2020 finals if the FAI was liquidated, Conway said: "UEFA will talk to the government.
“There is so much planning gone into hosting those four games.”
At the AGM, delegate David Nolan of St Pat’s CY called for more heads to roll.
He said: “The FAI cannot move on until those who cosied up to the former CEO (John Delaney) and who put out statements of support, get out of the game.
“Let people police the game who care about it. A number of people in this room ignored what was going on and didn’t ask the right questions at the time.”
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