Mayo GAA says Croke Park passed on write-down on MacHale Park loan

Mayo GAA club delegates have been told that the county board is not being overcharged on loan repayments to Croke Park.

Allegations emerged recently in articles by former Irish Sports Writer of the Year, Ewan MacKenna, that the GAA has been acting as a de facto vulture fund in its dealings with Mayo GAA, but this was flatly refuted at last night's monthly meeting of the board in Castlebar. MacKenna reported that the GAA in Croke Park had bought a number of distressed loans from Ulster Bank in 2015, and among them was the loan Mayo GAA had taken out for the redevelopment of MacHale Park.

He went on to say that Croke Park bought the debt at a much-reduced rate from Ulster Bank in a private agreement bound by confidentiality, and argued that the write-down was most likely in excess of 50 per cent, which was not subsequently passed on to Mayo. Therefore, Mayo GAA were being fleeced by Croke Park.

However, this was refuted out-of-hand at last night's meeting, which was chaired by Vice-Chairman Michael Diskin. 

Ballycroy club delegate Michael Gallagher raised the question and asked if there was any truth in the allegations and were the clubs in Mayo actually paying back more than was required to service the loan.

Mayo GAA Treasurer, Valerie Murphy, outlined the chain of events around the loan agreement with Ulster Bank and agreed that the GAA had subsequently purchased the debt at a reduced rate, but said that agreement was bound by a confidentiality agreement. However, she had been assured by Croke Park that the write-off had been fully passed on to Mayo and the county was not paying a cent more than necessary.

She quoted a significant reduction in repayments in recent years. However, Westport delegate Willie McDonagh replied that some of that reduction came on the back of the loan's repayment term being extended in 2022. 

Former Mayo GAA Chairman, Mike Connelly, said the extension of the repayment date had played some part in the reduction, but was confident that Croke Park had acted in good faith in their dealings with Mayo. 

Ms Murphy went on to say that numerous allegations were being thrown around in public with no credible evidence to back them up.