Waterford Clubs Approve Munster Council Financial Package

March 23rd 2015

Representatives of the clubs of Waterford tonight approved a €500,000 financial package, agreed between the Waterford County Committee and the Munster Council as part of the recently agreed 5 year Munster Council Budgetary Framework.
The agreement will see the Waterford County Board debt written down by €250,000, while a further €250,000 is being provided to improve cash flow management and fund development work at Walsh Park. The current club levy, which was put in place to clear the County Board debt, will cease in 2016, with the debt cleared three years ahead of schedule. It will instead be replaced by a ‘County Teams Training Fund Club Contribution’, which will work out, on average, at half the current levy amount.

Munster Council Chairman, Robert Frost said “I am delighted that agreement has been reached this evening on a package that will help secure the long term financial future of the County Board in Waterford. The current debt has been a huge drain on resources and this agreement automatically reduces the debt by over 50%. This is good news for clubs as the current club levy has also been a major drain on their resources at a time when it is difficult to raise funds.”

Waterford County Board Chairman Paddy Joe Ryan added “This is an important agreement in terms of giving the County Board in Waterford the on-going financial security required to fund the preparation of 8 inter-county teams and support the ongoing development of our games throughout the clubs in our county. I want to compliment our clubs who have worked with us over the past number of years in dealing with our legacy debts and also for agreeing to work with us into the future in assisting with the costs of preparing Inter-county teams.