SYDNEY (AP) — Australia’s soccer federation is preparing to cut staff following news of an expected second consecutive record financial loss, its chief executive Martin Kugeler says.

The news comes just days ahead of Saturday’s A-League Men’s grand final between Auckland FC and Sydney FC in New Zealand — the first to be held outside Australia — and less than a month before the Socceroos begin play at the World Cup i n North America.

Kugeler, who said the reductions in staff won’t impact the men’s or women’s national teams, has confirmed Football Australia will undergo a “significant reset and restructure” to allow it to work within its financial means. The move is in response to a loss that would exceed last year’s record 8.5 million Australian dollar ($6 million) deficit.

The exact figure and details will be released at the annual general meeting on May 28.

Local media reported there’d be up to a 20% reduction in staff at Football Australia, which employs just under 200 people. That would mean about 40 staff could be affected.

“Two significant losses, and increasing losses year-on-year, is obviously not a situation that is sustainable or acceptable,” Kugeler said.

FA’s financial woes come despite Australia co-hosting the Women’s World Cup in 2023 and hosting the Women’s Asian Cup earlier this year, and the Socceroos qualifying for a sixth straight World Cup.

The Matildas’ run to the 2023 World Cup semifinals on home soil captured the nation’s attention in a tournament that shattered records for TV audience and attendance, making the women’s soccer team one of the most marketable sports brands in Australia.

The men’s team is expected to receive a minimum of $12.5 million from FIFA for appearing in the World Cup, which starts June 11.

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AP soccer: https://apnews.com/hub/soccer