Portlaoise deny €6.5m bailout bid

PORTLAOISE GAA club officials insist they are not looking for a €6.5m “bailout” from Croke Park and have described as premature reports that the Cork-based developers due to buy their grounds have pulled out of the deal.

The Laois outfit had agreed to sell their property on Fr Browne Avenue to Firestone Development Ltd for a sum of €19m but it was reported locally yesterday that the agreement had fallen through as a result of a planning decision last month.

Firestone had intended to build a residential, retail and leisure development on the 17.2-acre site before a ruling from An Bord Pleanála last month that it would compromise Portlaoise’s “existing retail core.”

Club treasurer John Hanniffy admitted yesterday that Firestone had “indicated a preference” to pull out of the deal.

The club has borrowed €6m from Firestone which has already been used to purchase new grounds a mile away at Park-Ratheniska while further sums are also owed to banks and construction firms.

Hanniffy said that although the story makes for “scary” reading, Portlaoise still have a significant asset in the site at Fr Browne Avenue.

Hanniffy pointed out that there would be a number of “vultures” only too happy to purchase the grounds now for a fraction of the €19m originally agreed with Firestone.

However, he is hoping the property market can stabilise and that a more favourable price can be secured later.

Planning matters remain complicated with different bodies holding different viewpoints on the status of the land on Fr Browne Avenue but Portlaoise are insisting that the site is still zoned for mixed commercial development use and are confident that they can still secure a deal which would more than cover their Park-Ratheniska expenditure.

Club officials have been busy meeting with Firestone, auctioneers, solicitors, planners and the area’s three local TDs in recent days and have also established contact with Croke Park.

A meeting with the GAA’s top officials has been set for next week and the club will also be holding discussions with Leinster Council and the Laois County Board ahead of an EGM on January 25.

“There have been rumours going around that we are looking for a bailout from Croke Park of €6.5m,” said Hanniffy. “We’re not looking for a bailout. All we are looking for is the time and space to sort out the planning issues and bring the grounds back to the market.”