Croke Park revamp put on hold due to funding shortfall

THE GAA is not in a financial position to complete the redevelopment of Croke Park in the short term, even in the event of receiving planning permission to retain the Hill 16 end as a terrace.

With the balance of the Government grant still outstanding, Director-General Liam Mulvihill warns in his annual report that the association could not sustain borrowings in the order of €90 million. Currently, their indebtedness stands at €53m (which will incur interest charges of €4.2m a year), while projects costing up to €36m have yet to be undertaken.

“The overall intention is to hold the level of borrowing at a maximum €70m and even this level of indebtedness will stretch us to the limit for a considerable time,” he writes.