Loan restructuring yields hefty surplus for Mayo
The board met Ulster Bank and Croke Park officials last year to extend the terms of the loan. The extension increased the loan due from €4,949,247 in 2011 to €5,329,018 but also allowed the board breathing room to operate in.
The board also negotiated a €610,000 write-off from an outstanding €1,678,280 debt which was paid in full thanks to loans from Croke Park in order to complete the work on the pitch.
Controversially, the Mayo Supporters Club in Dublin was disbanded and replaced by Cáirde Mhaigheo which was directly under the board’s control. Mayo secretary Kevin O’Toole pointed to that decision as being the key turning point in the board’s ability to meet its payments.
“The net value of that decision is reflected in this year’s balance sheet and in the board’s success in dealing with our creditors during 2012,” he wrote in his report ahead of tonight’s Mayo Convention.
“The board’s annual accounts for 2012 show a surplus of €227,397 of income over expenditure with fundraising increasing by €180,000. The success of Cáirde Mhaigheo is also reflected in the sundry creditors, which include a figure of €150,000 for pre-sold Season Tickets for 2013. The increase in expenditure on teams, coaching and schools is testament to the board’s commitment to the development of football and hurling in the county, and contrary to the opportunistic accusations during the year by some individuals that all funds raised would go to debt reduction.”
That increase benefited senior manager James Horan whose team costs rose substantially in their run to the All-Ireland final from €350,085 in 2011 to €480,334 this year while the hurlers costs also rose from €92,157 to €116,051.
O’Toole also apologised to the GAA for the county’s decision not to send a team to New York to play the final of the FBD league a month after the All-Ireland final loss to Donegal but stood over it as the correct one for Mayo.
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