Bruce Springsteen concert boosts Thomond Park coffers

The Bruce Springsteen concert at Thomond Park in 2013 contributed last year to a marginal increase in operating profits at the firm which controls the Limerick stadium.

Profit for the 12 months to the end of June 2014 amounted to €286,000, up on the €284,000 generated in the previous year.

The Springsteen concert that was staged in July 2013 also contributed to revenues at the stadium increasing from €1.99m to €2.13m.

The stadium derives most of its income from Munster rugby matches and stadium manager John Cantwell said yesterday: “We are happy with the performance of the company as we are still generating a cash-flow surplus. We are constantly looking at options to grow the company’s profits and are hopeful that some of the initiatives we are working on will bear fruit in the future.”

Mr Cantwell confirmed the company did record a post-tax loss of €1.08m compared to a post-tax loss of €1.1m in 2013.

However, he said that the after-tax loss includes hefty non-cash depreciation of €1.35m and loan interest of €16,000.

“The financial results were at the same level as the prior year, so while there was some increases and decreases, overall they netted each other out,” he said.

He said revenues were driven by an operational change in Thomond Park “whereby we now operate all the public bars as opposed to an external operator, so the gross income and related costs are now included in the accounts, as opposed to a percentage commission from the operator.

So, while revenue increased we also saw a corresponding increase in our costs.”

Mr Cantwell declined to reveal the income generated from the Bruce Springsteen concert.

“However, we can state that an event of this stature contributes a significant income stream across a number of areas,” he said. Thomond will not be hosting any concerts this summer. However, it remains a possibility for the next Andy Lee bout.

Lee is WBO middleweight world champion and Mr Cantwell said: “We are in discussions to be considered as the venue for the Andy Lee fight and we are awaiting an update from the promoters.”


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