Galway GAA 4 million Euro in the red!!

[Walter Cronc]

Another county with financial issues.

Galway county board may be forced to sell some of its assets in order to repay debts of nearly €4 million.

County secretary John Hynes made the stark admission at Thursday night's annual convention in Claregalway. The decision to spend €2.8 million on a site near Athenry for the purpose of developing a hurling Centre of Excellence during the Celtic Tiger years, coupled with outstanding debts on Pearse Stadium and the football Centre of Excellence in Loughgeorge, has left the board €3.9 million in the red.

"Our annual repayment on loans is €271,000. To help manage and sustain our repayments, we will need to dispose of some asset and we will need to increase our utilisation of our other assets," Hynes said.

"A review of our 2013 revenue and costs shows clearly that an increased focus on cost reduction and cost avoidance is needed. We have no option but to 'cut our cloth to measure' to ensure that we can sustain our activities and remain self-sufficient in the future.

"In evaluating where we spend, and what we spend, value for money needs to be a key consideration in all of our decisions and, if necessary, difficult decisions should be made to ensure that we get a return on all of our investments."

[Rossfan]

Between themselves and our other neighbours there's some amount of debt there.
Maybe the FRC could set up an "Indebted " Province and stick them into it 

[Tubberman]

Between themselves and our other neighbours there's some amount of debt there.
Maybe the FRC could set up an "Indebted " Province and stick them into it 

We haven't ended up in the humiliating situation that the sorrowful Rossies found themselves in a few years ago:

http://www.independent.ie/sport/gaelic-football/gaa-curb-roscommons-freedom-to-write-cheques-as-debt-spirals-25985747.html

[GalwayBayBoy]

75% of the debt is down to the land deal out in Athenry for the hurling centre of excellence. Which they never even got built. And of course purchased during the celtic tiger years. I'm guessing that is one of the assets they are looking to sell. Probably for a huge loss now.

[Syferus]

Between themselves and our other neighbours there's some amount of debt there.
Maybe the FRC could set up an "Indebted " Province and stick them into it 

We haven't ended up in the humiliating situation that the sorrowful Rossies found themselves in a few years ago:

http://www.independent.ie/sport/gaelic-football/gaa-curb-roscommons-freedom-to-write-cheques-as-debt-spirals-25985747.html

Given you've still got Buckley on the payroll and your ladeens are off to Dubai next month - AI finalist trip or not, I doubt they're going over there for sight-seeing and the GAA won't be covering those activities. Mayo's ship wreck is fast approaching. No one knows where all this money is coming from.

[Rossfan]

Between themselves and our other neighbours there's some amount of debt there.
Maybe the FRC could set up an "Indebted " Province and stick them into it 

We haven't ended up in the humiliating situation that the sorrowful Rossies found themselves in a few years ago:

http://www.independent.ie/sport/gaelic-football/gaa-curb-roscommons-freedom-to-write-cheques-as-debt-spirals-25985747.html

Given you've still got Buckley on the payroll and your ladeen are off to Dubai next month - AI finalist trip or no, I doubt they're going over there for sight-seeing and the GAA won't be covering those activities. Mayo's ship wreck is fast approaching. No one knows where all this money is coming from.

Hope it's not coming from the rest of Connacht 

[larryin89]

"Mayos shipwreck is fast approaching " Wishful thinking on your behalf .

[seafoid]

75% of the debt is down to the land deal out in Athenry for the hurling centre of excellence. Which they never even got built. And of course purchased during the celtic tiger years. I'm guessing that is one of the assets they are looking to sell. Probably for a huge loss now.

It's not as bad as Kildare though ...

[Captain Obvious]

How much in debt are Kildare and Mayo?

[Donnellys Hollow]

How much in debt are Kildare and Mayo?

Slightly over €2 million at the last count.

Approx €700,000 cash deficit which was covered by a loan from Croke Park, repayments to stretch over the next 5 years.

The rest is long term debt on the Hawkfield complex which is paid off by an annual levy on every GAA club in the county.

[Rossfan]

Aren't Mayowestros about €10 MILLION in debt?

[Tubberman]

Aren't Mayowestros about €10 in debt?

That's great news. They got rid of that debt on the stand quicker than I thought.
f**k it, seeing as it's Christmas, I'll pay off the remaining tenner for them.
We're back in the black!

[Syferus]

Aren't Mayowestros about €10 in debt?

Where's all the Bekan gone? 

[seafoid]

How much in debt are Kildare and Mayo?

Slightly over €2 million at the last count.

Approx €700,000 cash deficit which was covered by a loan from Croke Park, repayments to stretch over the next 5 years.

The rest is long term debt on the Hawkfield complex which is paid off by an annual levy on every GAA club in the county.

Lilystan doesn't have a county standard pitch.

[larryin89]

But if your debt is manageable , ie paying off your bank loans every year whilst still recording a surplus ,surely that's a healthy state to be in.

I'm honestly lost here about this " Mayo are in trouble " stuff .

http://clubfiftyone.files.wordpress.com/2013/12/mayo-gaa-accounts-2013.xls