Greyhound board in talks with bank on stadium loan
Bord na gCon has entered negotiations with AIB to restructure the loan it used to construct its contentious €21m stadium in Limerick.
Agriculture Minister Michael Creed confirmed that between 2015 and 2016, Bord na gCon reduced the money owed on the loan by €2m.
Mr Creed said that the AIB loan granted in 2009 involved granting security to the bank over assets held at Waterford, Limerick and Shelbourne Park in Dublin.
He said: "Bord na gCon has informed me the bank debt has been reduced by circa €2m between 2015 and 2016 and that it has recently entered negotiations with Allied Irish Bank to restructure the remaining loan facility." He made the comments in written Dáil replies to Deputy Mary Butler (FF) on the issue.
The annual report for 2015 shows that it had a revolving credit facility of €12.5m relating to the construction of the Limerick stadium and it was due for refinancing and/or repayment on December 9 last year.
It stated that the board "will be continuing discussions with the bank to address the loan incurred as part of the Limerick stadium development".
The board's total bank debt is €21.5m.
It recently put up for sale its Harold's Cross stadium in order to reduce what Mr Creed called the board's "significant debt burden".
The directors state that with the removal of the burdens attached to its debt and pension deficit, "Bord na gCon will be able to provide a stable platform so the many supporters of the industry can remain involved and prosper from the greyhound industry".