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GAA bail out will save Mayo million
25 Feb 2015 09:09
The GAA has agreed to take over the Mayo County Board bank loan for the redevelopment of MacHale Park.
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The board are in debt for about €5million, but under a new agreement, Mayo will pay the outstanding money to Croke Park at a lower interest rate.
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The new deal could will save the board €200,000 a year.
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If the terms remain the same over the course of the 29-year loan, the savings could amount to €5million.
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Speaking in The Mayo News, county chairperson Mike Connelly said: "In real terms, our repayments will now work out at approximately €33,000 per month, that’s down around €15,000 per month from what we had been paying. The way we look at it, it’s quite sizeable but manageable.”
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As for the benefits that will accrue, Connelly added: "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.
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"We need to look after clubs. They are my number one priority. We will have a much clearer picture of what exactly we can do for them at the end of this year."
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