Mayo gaa rescues financial future
The Mayo GAA County Board has secured a deal that will see loan repayments on Elverys MacHale Park in Castlebar reduced by a whopping €15,000 per month, writes Aiden Henry.
Up to now the board was servicing two €5 million loans – one from Croke Park and one from Ulster Bank.
Board chairman Mike Connelly has confirmed to The Connaught Telegraph that following lengthy negotiations with Croke Park, agreement has been reached that will slice monthly repayments on the stadium from €48,000 to €33,000 - a saving of €180,000 per annum.
Croke Park is paying off the board’s Ulster Bank loan, leaving the Mayo body with a €10m. loan, payable to Croke Park, which is far more manageable due to a much lower interest rate.
Said Mr. Connelly: “We are delighted because a point had been reached whereby the monthly repayments were putting a massive strain on our financial resources.
“This restructuring means we will be able to continue the funding of our underage teams, get a project going to help out the clubs and have funds available to broaden our coaching supports to the primary schools in the county.”
Board secretary Vincent Neary was equally delighted with the outcome of their negotiations, which have been notified to the four divisional boards in the county. “This is a great deal to have secured and one which will help us to continue to work at producing good teams,” he said.