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Waterford agree €500,00 debt write-down with the Munster Council

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Waterford hurling manager Derek McGrath made reference to the county’s troubled finances at the weekend following their six-point victory over Wexford – suggesting that the board cherished a return to Division 1A more than even he did.

Waterford hurling manager Derek McGrath made reference to the county’s troubled finances at the weekend following their six-point victory over Wexford – suggesting that the board cherished a return to Division 1A more than even he did.

SPORTSFILE

Waterford hurling manager Derek McGrath made reference to the county’s troubled finances at the weekend following their six-point victory over Wexford – suggesting that the board cherished a return to Division 1A more than even he did.

Waterford GAA has become the latest county to have debt written off thanks to a ¤500,000 financial package agreed with the Munster Council.

Waterford clubs have agreed to the deal which will see ¤250,000 of outstanding debt written down and another ¤250,000 being provided to improve cash flow and help fund further development at the county's main grounds, Walsh Park.

The deal is part of the recently agreed five-year Munster Council Budgetary Framework.

Waterford's current club levy, which was put in place to clear the county board debt, will cease in 2016 with all the debt due to be cleared three years ahead of schedule.

It will be replaced by a 'County Teams Training Fund Club Contribution', which the board estimates will work out, on average, at half the current levy amount.

The chairman of Waterford County Board, Paddy Joe Ryan, described it as an "important agreement. . . giving the county the on-going financial security required to fund the preparation of eight inter-county teams and support the ongoing development of our games.

"I want to compliment our clubs who have worked with us over the past number of years in dealing with our legacy debts," he said.

Only last month Croke Park bailed out Mayo County Board with an arrangement to take over the outstanding debt on MacHale Park, paving the way for a saving of up to ¤15,000 per month.

Offaly County Board are also in negotiations with the GAA's national finance committee as they struggle with ¤200,000 owed to creditors.

Waterford hurling manager Derek McGrath made reference to the county's troubled finances at the weekend following their six-point victory over Wexford - suggesting that the board cherished a return to Division 1A more than even he did.

Irish Independent