Derry county board have released the following statement dismissing reports that they are in financial trouble.

The statement is as follows:

Derry GAA would like to dismiss recent media reports which claimed the county board is in an unhealthy financial position.

“The simple facts are: Derry GAA is on an extremely solid financial footing. We are not in debt and any reports which suggest otherwise are completely false,” said county chairman, Stephen Barker.

Barker explained why the county board felt compelled to release a statement about recent newspaper claims.

“Gaelic Games are an integral part of the everyday lives of the people in our county,” said Barker.

“Unfortunately, these baseless reports about our financial position are causing serious concern among our members and supporters. It is within this context that we feel it’s necessary to address these unhelpful reports by presenting the facts.”

Outlining Derry GAA’s current financial situation, the county board’s treasurer, Martin Devlin said: “At the end of this financial year, Derry GAA will have capital assets valued at over six million pounds with no outstanding debt.”

The county board treasurer added: “Our accounts are audited annually by ASM Chartered Accountants. These accounts are presented annually at our county convention, copies given to all club delegates and made freely available to all media that requested them.”

Commenting on the £650K capital loan which Derry GAA took out in 2013 to complete the last phase of Owenbeg, Devlin said: “At this time, 4% of that loan remains and the monies have already been set aside to complete that payment schedule within the next three months.”

Derry GAA chairman Stephen Barker confirmed that the county board will be giving the income from the round-robin stages of the championships back to the clubs.

“We generated approximately £70k in gate receipts from the group stages and the county board has taken the decision to redistribute that money back to the clubs. This should help to alleviate some of the financial pressure felt by our clubs due to the Covid-19 situation.”

“We are also planning ahead and have secured an additional facility of up to £300k, if required, in line with our strategic plan. At this time, and with current interest rates due to Covid-19, this just makes solid business sense.”

Barker said it was regretful that the county board felt obliged to release a statement regarding Derry GAA’s finances.

“Derry people are fanatical about the GAA and we are aware that these false reports are causing a lot of concern. We want to allay those fears because we are incredibly well served by our members and our loyal sponsors.

“We remain indebted to our supporters, both past and present, who have worked for the greater good of Derry GAA. We have revealed these financial figures and released this statement because we want to put all this nonsense to rest.”

Barker also dismissed a report which claimed the county board considered withdrawing its senior football team from the Championship.

“The suggestion that Derry GAA even discussed that is completely farcical and has no credibility whatsoever,” said the county chairman.