MAYO GAA ADDRESSED the county’s financial situation at a special meeting of club delegates on Monday night, attended by GAA President Jarlath Burns and Director General Tom Ryan.
Over 100 club delegates attended the meeting, during which Ryan made a presentation on Croke Park’s 2015 acquisition of a €5 million bank loan relating to Mayo GAA.
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In a statement, Mayo GAA said: “Under the terms of the agreement, the GAA secured a €1 million reduction in the capital value of Mayo GAA’s loan, extended the repayment schedule to 29 years and reduced the loan interest rate from 3.2% to 1.9%.
“This arrangement helped reduce Mayo GAA’s monthly loan repayments from more than €46,000 per month down to €34,000 per month – a change that resulted in a cash saving of €150,000 per annum for Mayo GAA. This renegotiated loan arrangement greatly improved the Co Boards cashflows, and helped direct more funding towards the preparation of County Teams each year.
“Tom Ryan outlined to club delegates how the loan arrangement has been reorganised further in recent years, with the loan term extended out to 32 years and repayments reduced further to €25,000 per month. In total, the new loan arrangement has saved Mayo GAA over €100,000 in loan repayments to date.
“The figures outlining these reductions in loan repayments and the amortisation of the loan has been fully disclosed in the accounts of Mayo GAA for the past several years.”
Mayo GAA rejected “inaccurate claims” made in relation to its financial management, and also said that it has made a report to An Garda Síochána following an “ongoing campaign” directed against county board officers. The 42 has contacted An Garda Síochána for comment.
In comments made at Monday night’s meeting, Burns condemned the activity against the county board as “toxic”.
“Mayo is a proud county with incredible GAA pedigree,” said Burns. “It’s a county that is respected by the entire GAA family across the island of Ireland. But without unity there can be no progression.
“The GAA has a duty of care to the officers in every club and county, not only under adult safeguarding policies, but also to promote and value the selfless work of the volunteers that make our Association what it is.”
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Mayo GAA address financial situation at special delegates meeting
MAYO GAA ADDRESSED the county’s financial situation at a special meeting of club delegates on Monday night, attended by GAA President Jarlath Burns and Director General Tom Ryan.
Over 100 club delegates attended the meeting, during which Ryan made a presentation on Croke Park’s 2015 acquisition of a €5 million bank loan relating to Mayo GAA.
In a statement, Mayo GAA said: “Under the terms of the agreement, the GAA secured a €1 million reduction in the capital value of Mayo GAA’s loan, extended the repayment schedule to 29 years and reduced the loan interest rate from 3.2% to 1.9%.
“This arrangement helped reduce Mayo GAA’s monthly loan repayments from more than €46,000 per month down to €34,000 per month – a change that resulted in a cash saving of €150,000 per annum for Mayo GAA. This renegotiated loan arrangement greatly improved the Co Boards cashflows, and helped direct more funding towards the preparation of County Teams each year.
“Tom Ryan outlined to club delegates how the loan arrangement has been reorganised further in recent years, with the loan term extended out to 32 years and repayments reduced further to €25,000 per month. In total, the new loan arrangement has saved Mayo GAA over €100,000 in loan repayments to date.
“The figures outlining these reductions in loan repayments and the amortisation of the loan has been fully disclosed in the accounts of Mayo GAA for the past several years.”
Mayo GAA rejected “inaccurate claims” made in relation to its financial management, and also said that it has made a report to An Garda Síochána following an “ongoing campaign” directed against county board officers. The 42 has contacted An Garda Síochána for comment.
In comments made at Monday night’s meeting, Burns condemned the activity against the county board as “toxic”.
“Mayo is a proud county with incredible GAA pedigree,” said Burns. “It’s a county that is respected by the entire GAA family across the island of Ireland. But without unity there can be no progression.
“The GAA has a duty of care to the officers in every club and county, not only under adult safeguarding policies, but also to promote and value the selfless work of the volunteers that make our Association what it is.”
He added: “It’s now time for this to stop.”
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Delegates GAA Gaelic Football Jarlath Burns Mayo GAA Money none