Springsteen’s Cork concert helps cut Páirc Uí Chaoimh losses as revenues hit €5.5m
Bruce Springsteen performing at SuperValu Páirc Uí Chaoimh in 2024. Picture: Eddie O'Hare
A sell-out concert by music legend Bruce Springsteen at Páirc Uí Chaoimh last year helped the stadium firm’s revenues surge by 55% to €5.5m.
Revenues generated by 40,000 fans who paid to see Springsteen perform at the Cork stadium, along with a sell-out Munster hurling championship game against Limerick, which both took place in May 2024, contributed to Páirc Uí Chaoimh CTR (PUC) reducing its pre-tax losses by 29%, to €1.9m, in 2024.
The accounts for Páirc Uí Chaoimh CTR (PUC) show revenues increased €1.93m, from €3.62m to €5.55m in the 12 months to the end of September 2024.
The stadium firm recorded earnings before interest tax depreciation and amortisation (Ebitda) of €582,491 compared to an Ebitda loss of €331,561 in 2023 — a positive swing of €914,052.
Páirc Uí Chaoimh was completed at a cost of €96m in 2017, and the company last year bore two of its biggest costs associated with the redeveloped stadium — non-cash depreciation costs of €1.52m and loan interest costs of €957,874.
The directors said the stadium redevelopment had been financed to date by the Cork County Board’s (CCB) own finances, a grant of €20m from Cumann Lúthchleas Gael, Department of Sport grants, and Munster Council grants of €34.64m; bank loans and sales of long-term tickets and other fundraising schemes.
The stadium was rebranded to SuperValu Páirc Uí Chaoimh last year followed the Cork County Board reaching a 10-year naming rights sponsorship agreement with the retailer.
The commercial arrangement with SuperValu is believed to be worth about €250,000 a year to Cork GAA.
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