Loan restructuring yields hefty surplus for Mayo

Mayo County Board reported a surplus of €227,397 for 2012 after restructuring their loans with the banks for the redevelopment work at Elverys MacHale Park.

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.