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Published 10:25 20 Oct 2015 BST
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Treacy does not believe money was at the root of the problem, but rather Walsh's desire to be appointed director and given autonomy to run the HPU as he saw fit, without interference from the IABA council.
"It was a title he was never given," said Treacy, who suggested he will carry out an investigation into the mess. "It was the freedom to do the job. Clearly Billy in these negotiations, in the non-financial aspects, did not feel he had the freedom to do the job. We will try to get the details on that in the next few days but we don't know what that detail is yet."
Treacy's stance sheds further light on the IABA's own statement on Monday night, in which chief executive Fergal Carruth insisted they had has done their "utmost to retain Billy Walsh as Head Coach".
It seems the IABA council were unwilling to give Walsh the title of director, and now he will fly to Memphis this week to sign a deal that will see him take control of the US men's and women's teams heading to Rio.
Treacy reiterated this morning the fact that Walsh was desperate to stay in Ireland.
"Billy Walsh showed incredible flexibility around the financial aspects. He agreed to leave his full-time position in the AIBA and become a contractor. "That's a clear indication that Billy Walsh wanted to stay. We wanted to keep him. Money was not an issue. It broke down on the non-financial aspects," said Treacy. "To watch Billy Walsh, sitting on the couch and talking about being undermined and humiliated, it is appalling. To have that celebrated man treated in that way is really disappointing."The IABA wanted a head coach but have lost the best director they could have wished for.

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