Glenbrien land deal left Board with €357,803 loss
FINALLY IT was laid bare. Wexford G.A.A. is bleeding so badly that one would fear for its future after Chairman, Diarmuid Devereux, leafed through the finances of the County Board at a meeting in the Ferrycarrig Hotel on Wednesday last.
The revelations regarding the fiasco that was the Glenbrien land purchase, eventually leading on to the 'double land deal' relating to the proposed Ferns centre of excellence, has left the cupboard empty, with the beleagured County Board now living off its creditors.
The centre of excellence was to be located at first in Glenbrien where the initial tract of land was purchased at auction.
The land blitz that was undertaken by Wexford G.A.A. Board started as far back as 2007. The cost of the Glenbrien site, at the year ending October 31, 2007, was €1,410,000, with an additional amount of €91,755 for stamp duty, leaving a total of €1,501,755.
Additions in 2007 and 2008 came to €36,802, bringing the total cost of Glenbrien to €1,538,557. A figure of €55,804 is apportioned for the cost of the parcel of land which was retained in Glenbrien, leaving the cost of land sold at €1,482,753.
On the disposal of the Glenbrien land, the sale price at the year ending October 31, 2008, came to €1,125,000, less costs of €50, leaving net sales proceeds at €1,124,950. The cost of land sold as per computation above came to €1,482,753, leaving a loss on disposal to Wexford G.A.A. of €357,803.
This figure of €357,803 is reflected in the accounts for the year ended October 31, 2008, and October 31, 2009.
To summarise the above figures, the nett outcome of the purchase and sale of the land at Glenbrien was a loss of €357,803 to the County Board. The cost of the parcel of land retained in Glenbrien is €55,804.
Also presented to the meeting were the financial details relating to the land purchases in Ferns.
The purchase price of lot one came to €1,900,000, while lot two amounted to €4,700,000, totalling €6,600,000. With land sold amounting to €3,750,000, it left a balance of €2,850,000, while legal fees of €10,618 brought the total purchase cost to €2,860,618.
Additions in 2007 and 2008 amounted to €24,738; and in 2009, a figure of €106,291; a total of €37,692 for 2010, and €30,153 for 2011, making a total of €198,874, leaving a total cost at October 31, 2011, of €3,059,492.
