Cooney: too early to speculate on loan plans

GAA president Christy Cooney has refused to put a figure on the amount of cash his Association may look to borrow to fund infrastructure projects.

With rental monies from soccer and rugby about to end and the Sports Capital Programme still frozen, the body’s management committee have given the green light to seek loans — should they be required.

“We haven’t put a figure on it,” said Cooney. “Until we have the figures in front of us, we can’t make a judgement call on what we are going to do. It would be foolhardy to say we are going to borrow €10, €20 or €30 million and we haven’t made decisions. Of course, there are limits on what we can afford.

“If you are repaying money, you have less to circulate because you have a commitment to the debt. It is something we have to monitor on an ongoing basis, but we must also recognise it is the perfect time to build and buy because prices are a lot more competitive.”

Decisions on which projects may require funding are processed through the National Infrastructure Committee and, though most funds approved by Croke Park are given as grants, loans have been proffered before and could be again.

“It depends on the financial challenges that the county would face and how we would deal with that. In the normal process we give out grants, such as with the soccer and rugby money, for the development of new facilities or the upgrading of facilities. That’s the way we normally operate. We do, of course, give loans.

“We gave a loan to Mayo because of the difficulties they had with regards to Lottery funding that fell through. We prefer to give out grants. If there is a need to give out loans, we will look at that. We have no hard or fast position. If it is appropriate to do it, we’ll look at it, make a judgement call and do what’s right for the Association.”

Financially, the GAA is in a strong position, insisted Cooney. Attendances have held up, the GAA remains an attractive brand for sponsors and the debt on the redeveloped Croke Park has decreased at an impressive rate.

With such a CV, Cooney has no doubt financial institutions would be willing to do business with the GAA, even in the current marketplace.

“I don’t think there’s a better brand in the country,” he said. “We have always had a good track record of meeting our commitments. We will have the wherewithal to go and sit down with the major financial institutions to negotiate a positive deal for the Association because of the brand we have and our positive track record in being able to meet our repayments. I wouldn’t see any problem. I would be absolutely stunned if there is.”

Meanwhile, the GAA will be announcing details of how the monies received for the rent of Croke Park have been distributed next week.