'Clubs must remain viable'
"Some clubs have debts which can never be paid back, so why can't the GAA buy them back at a write-down price and restructure them with the clubs using Croke Park funds as happened with Mayo?" he said.
"Clubs would be pay less interest to the GAA than to the banks and would also benefit from the write- down. It might sound complicated, but it's worth pursuing because something new has to be tried."
Mulcahy believes that the GAA has the clout to achieve some leverage of club debt with the banks. The idea of Croke Park becoming, in effect, its own bank for part of the club debt portfolio will, no doubt, alarm senior GAA figures, but Mulcahy insists that it's an option worth pursuing.
"Cash reserves could be put in place for this type of thing. We're talking about a long haul here because this problem is not going away any time soon. In the end, all that matters is that clubs remain viable and able to continue carrying out a crucial role in society. That was never more important than in the current climate. The GAA has to be imaginative in how it approaches the club debt problem. They certainty can't ignore it."