THE MAYO GAA Board are set to save up to €200,000 per year after Croke Park’s decision to take over the full redevelopment of MacHale Park.
Under the terms of the deal, it is believed the GAA will assume control of a €5 million loan the board had with Ulster Bank with Mayo now repaying Croke Park at a much lower interest rate that could save the county millions over the near 30-year term.
News of the deal was broken by the Mayo News late yesterday with Mayo GAA Chairman, Mike Connelly, telling the paper:
“In real terms, our repayments will now work out at approximately €33,000 per month, that’s down around €15,000 per month from what we had been paying. The way we look at it, it’s quite sizeable but manageable.
“This deal is going to give us more money in the Mayo GAA kitty to do what needs to be done on the ground here in the county, plus our cash-flow will improve.”
It’s not the first time the GAA has stepped in when a county has struggled with finances with Kildare requiring restructuring of loans and some advances in 2012.
Offaly also have a proposal before the GAA’s National Finance Committee to help them with a six figure sum owed to creditors.
