Athlone Towns New Backer.

[paudie]

Just checked the Athlone Town stadium company accounts for the year to 31.5.10 and the total creditors are over 3.9 million euro. 14k of this is VAT. I presume the rest is mostly bank debt.

If that is still the case the 500k donation definitely won't clear the companies debts.

[ATFC-1887]

it has cleared it. dont ask me how but it has

[Acornvilla]

Maths like this is what caused the recession!

[Blueman]

Had a look at the accounts, from looking at past years I think the Creditors figures is made up as follows :

Grants 2.7 million
Loan from Westmeath Co Co 507k
Loan from FAI 150K
I assume Bank loans / Overdrafts 590k

All figures are approx

The Grants would not have to be repaid. The loan from the
Fai was later reclassified as a grant and doen't need to be repaid.

The money received recently I assume was to pay off the bank loans and overdraft.

I know the press reports said the stadium is debt free but I still think the 507k is still due to Westmeath Co Co. This is repayable over 20 years at approx 25k a year which should be manageable.

A lot of this is guess work and they may have come to some agreement with Westmeath County Council but I would think this is probley the situation now.

With the Vat they were hoping to get a Vat refund of approx 400k which they would then use to pay off the banks but it looks as if this won't now happen.

[Dodge]

From what I've read it cost €4.5 million to build, of which €2.5 mill was grant aid. I can't see how they could ever owe €3.9 mill unless they accounted for the grant aid as debt?

[Blueman]

The Grants are shown as a long term creditor and written down over the life time of the asset in this case I thinks its fifty years. In theory the grants would be repayable if say the stadium was no longer in use as a sporting venue.

[Ash]

I can now officially confirm, that I am not the mystery investor.