Loftus to tackle Treaty debts

Limerick GAA officials have appointed world champion athlete John Loftus as their new commercial manager after an alarming €750,000 deficit was revealed at last Wednesday evening’s county board meeting.

Loftus guided Ballybrown to an All-Ireland club hurling final in 1990 and is the co-founder and managing director of Thomond Asset management in Limerick city. Loftus is also a former PRO and chairman of Ballybrown GAA club.

Having previously worked as a senior financial consultant with Canada Life from October 2003 until May 2009, Loftus also served as financial advisor with Acorn Life from January 1997 until September 2003.

The 65-year-old has also enjoyed great success as an athlete, as the kidney recipient won gold in the 100m and 200m events at the 2009 World Transplant games in Australia. Loftus is nickname ‘the Bullet’ and also won silver at the 2007 world championships in Bangkok. He is hoping to retain his world titles in Durban, South Africa, in July.

Confirming the news last night, Limerick GAA treasurer Donal Morrissey explained: “John’s appointment is very positive and will certainly yield results.”

Morrissey insisted plans have been put in place to tackle Limerick GAA’s cash crisis. The Cashel native is confident Shannonside chiefs will reveal a surplus for the 2013 financial year.

However, Morrissey is frustrated that a music concert will not take place at the Gaelic Grounds this year, as he estimates that such an event could yield up to €250,000, depending on the headline act and the deal struck with a promoter.

Limerick GAA officials were granted permission to host a concert but this was appealed by local residents. And with the planning appeal not being held until July, a money-spinning gig in 2013 is not possible.

“The ability to hold a concert would help to deal with our financial problems. Depending on the act you get, and the promoter, it could yield €150-250,000,” revealed Morrissey.

Morrissey’s immediate goal is to help alleviate the current financial strain, with a cost reduction programme drawn up to bring revenue and expenses into line.

He added: “We would expect to be in surplus by the end of the year.

“Where it is really is that there is a current asset deficit and that is hopefully going to be addressed by means of a term loan. From an income and expenditure side, the board has been running at a loss for the last two years.

“But we would plan on having a surplus this year and build on that, year-on-year in order to put together the funds to deal with the deficit, in time.”

In his new role, Loftus will have responsibility for all of Limerick GAA’s commercial relationships, sponsorships, endorsements and advertising.