The plain and simple facts of the financial situation are as cut and dried as the many people who find themselves unable to meet mortgage payments because of a loss of income, the money is not there to meet the full obligations right now.
and scary is how one well known Mayo GAA personality described the figures presented by the Mayo County Board executive to the delegates at Monday night county board meeting. It had been a high pressure day for some of the principal officers, who were summoned to a meeting with Croke Park officials in the Connacht Council offices in Ballyhaunis earlier that day to discuss the financial situation of the development. County board chairman Paddy McNicholas told the meeting that they had to have a plan in place in a fortnight time for Croke Park and the banks.
The three bank loans are broken down into a Adidas Sl Loop Footaction loan of million, million, and million. So far on the largest loan, the county board has made 13 separate monthly interest payments of to a total of since October 2010. There have been no principal payments on Adidas Sl Loop Runner Onyx
that loan to date. The bank loan of million has seen the county board make 13 interest payments varying from between to to a total of to date. They have also made four separate payments between July and October of this year off the principal, totalling paid down on the million loan. The smallest bank loan of million has had paid Adidas Rose 773 White
The simple fact that a major increase in fundraising had to be undertaken in the county and outside if the county board are to meet their financial obligations was laid out to the delegates. Retiring county secretary Se Feeney told the meeting that the targets set by the county board in relation to the county board ticket draw, the sale of seats in the stand, and sale of advertising signs fell well short of what had been expected and hoped for. He also confirmed that the board had twice looked for funding from the National Lottery, which was not awarded to them. County board chairman Paddy McNicholas said, done the best we can to fundraise, more of this will have to be done and be done more professionally
off the principal, with one interest payment of being paid on it in October this year. There have also been five bulk interest payments on the bank loans totalling Bulk interest repayments of the loans from Croke Park totalling have been paid from 2005 to date. The total that the county board has paid out in interest payments on the development to date is with in principal repayments being made.
The officers distributed a breakdown of the current situation to the delegates. The headline figure is that the total expenditure to date on the project has Adidas Rose Shoe Collection
been with another still outstanding to creditors. Those creditors include legal fees of the developers are still owed and the engineering firm are owed
Counting the cost of McHale Park development
A testing time lies in store for all those associated with the GAA in Mayo as those charged with running of the games in the county try to get their house in order in relation to this project, and still come up with the large amount of money that it costs to run the various county teams and other games throughout Mayo. There was one piece of positive news, with confirmation that Elvery was coming on board as naming rights holders for McHale Park, which will now be known as Elvery McHale Park, but as to the exact figure that the company will be paying, the meeting was told that Elvery didn want to release that information.
Money talk: The cost of the repayments for the redevelopment of McHale Park were the main topic of discussions at this weeks Mayo GAA County Board meeting and are sure to be a hot topic at club AGMs over the coming weeks. Photo:Sportsfile
The funding of the project has been secured through a number of sources, including three separate bank loans totalling million, two loans from Croke Park totalling million, a grant of million from Croke Park, and the county board own current account funding of which have been pumped into the project.
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