Roscommon board seeks time extension to repay €1m loan

ROSCOMMON GAA bosses are to ask Croke Park officials for an extension of time to repay a loan of €1 million to a supporter who bailed them out of a financial crux almost five years ago.

Cumann Luthchleas Gael in Croke Park guaranteed the €1m interest-free loan which was given by Castlerea businessman John Murphy in 2005 and which must be repaid by 2012.

Roscommon set up a fund to repay the money to Croke Park and while over €200,000 has been paid into an account and the loan repayment is not due until 2012, Roscommon are looking for an extension of time of 10 to 15 years to reimburse GAA hierarchy.

They want Croke Park to repay the loan in full in 2012 and allow them 10 to 15 years to reimburse Croke Park.

Roscommon GAA bosses stress that Mr Murphy, a lifelong Roscommon supporter, will be repaid his loan in 2012, but they are asking the GAA to allow them more time to come up with the money.

Chairman Michael McGuire told the recent annual convention that the issue was bring addressed now because it was apparent that they would not have the full amount in October 2012 when the loan is due for repayment.

He said that the repayment schedule was based on assumptions which had not materialised, including the sale of seats at a revamped Hyde Park but work there has not yet begun.

The drop in sponsorship and commercial income and the changed economic environment from the time the loan was made, were all factors.

“It is good financial management to address this now and we understand Croke Park will respond in a positive manner to our request,” said Michael McGuire.

Roscommon County Board auditor Sean Mulhern said discussions are currently taking place with Croke Park.

“A sinking fund account was set up in 2006 in order to meet the repayment of the John Murphy loan.

“To date €203,746 has been lodged to Croke Park deposit account for this purpose.

“Negotiations are currently ongoing with the Finance Committee in Croke Park in order to negotiate the repayment of this loan over a 10 to 15-year period which the current county board officers consider to be more appropriate to their financial circumstances,” said Sean Mulhern.