So far, little over €500,000 has been repaid and there is increasing pressure from Ulster Bank and Croke Park for the board to start paying off more on a weekly basis - currently they are paying almost €10,000 per week to service the interest on the loans.

Bills for contractors' work on the stadium and legal fees, thought to be in the region of €1.6m, also remain outstanding.

The McHale Park redevelopment project cost approximately €16m to complete, and the board have set up a number of fundraising initiatives to help with the repayments. They have also sold naming rights to Elverys Sports in a five-year deal for an undisclosed sum, so the ground will be known as Elverys McHale Park.

Outgoing Mayo GAA Secretary Seán Feeney says that "some hard bargaining" lays ahead for the board, and he remains hopeful that the debt can be restructured beyond its current 15-year repayment term.

"We're in regular contact with the people and businesses affected and we're working together to come up with a solution," he told the Mayo News.

"I'm hoping that by the middle of December things will be sorted and we'll then be able to proceed on the completion of the media tower.

"If we are able to restructure our loan, we will be able to meet our obligations comfortably with the resources we currently have."

But PJ Monaghan, who chaired the finance and funding sub-committee as part of the Mayo GAA Strategic Review last year, has been critical of the board's handling of the finances.

Speaking to the Mayo News, the Belmullet native said: "The battle for the future of Mayo GAA no longer rests with its players. It will now be played out in the boardrooms of Croke Park and Ulster Bank.

"Can we realistically think that the individuals that run our affairs have the ability or indeed the credibility to act on our behalf any longer?

"Past performances have proved that they can't so the clubs need to move and regain control of our affairs. We are now in the hands of the clubs and I call on them to move against this inept board."

Monaghan also hit out at the board for rejecting a series of recommendations that were in an Action Plan that was put together.

"For example, our commercial director recommendation was rejected but Dublin are now proposing the appointment of four commercial positions," he explained.

"Our director of football recommendation was rejected but Meath has now appointed Sean Boylan as their director of football. The recommendation that a full independent financial review, to be followed by the preparation of a financial plan, was also rejected. It has now proved to be the right call."