The word bailout carries some very negative connotations, nowhere more so than in Ireland. However, if it's the finance department at Croke Park that you're dealing with rather than the Troika, it's not all bad. According to the Mayo News, the Mayo county board have agreed a deal that will seriously lighten the load of debt repayments that have threatened to get out of hand.
The powers that be in Croke Park have agreed to assume part of the debt that has been occurred by Mayo GAA as a result of the redevelopment of McHale Park in Castlebar. Under the original €10 million loan deal, Mayo's debt was shared evenly between centralised GAA and Ulster Bank. However, under the new deal GAA headquarters have agreed to assume the debt from Ulster Bank meaning that Mayo's debt burden is now significantly lighter.
Although the full debt must still be paid, Mayo are now around €15,ooo per month better off under the new deal. The GAA have agreed to a deal that will see Mayo make payments of somewhere in the region of €33,000 per month over the next 29 years. That's a significant reduction from the €48,000 per month payment schedule that Mayo were previously paying.
However, in outlining the continued size of the debt, Mayo GAA Chairman, Mike Connelly has explained that the savings only really come into play as long as Mayo are successful on the field.
This deal is going to give us more money in the Mayo GAA kitty to do what needs to be done on the ground here in the county, plus our cash-flow will improve. But the only way we will have €15,000 extra a month to play with is if we continue to be successful on the field, if we continue to reach All-Ireland semi-finals on a regular basis.
