Páirc Uí Chaoimh financial position stable despite losses rising to €3m

Páirc Uí Chaoimh. Picture: INPHO/James Crombie

The financial position of Páirc Uí Chaoimh has stabilised, despite further losses of almost €3m in 2020, according to GAA finance director Ger Mulryan.

The operational losses of the companies responsible for the management and operation of Páirc Uí Chaoimh — Staid Cois Laoi Ltd and Páirc Uí Chaoimh Ltd — was in the region of €1.2m last year, but stadium losses rose to €3m when depreciation of over €1m and approximately €550,000 in bank charges are factored in.

“Despite significant further losses of almost €3m incurred by the Páirc Uí Chaoimh Stadium companies, the financial position has stabilised within the stadium companies,” Mulryan noted in his annual financial report.

Cork GAA’s overall debt stood at €21.6m at the end of October, with €11.98m owed to Croke Park.

A 12-month moratorium has been secured on the external loan debt and a loan agreement is in place to repay the additional loan support provided centrally, Mulryan added.

The GAA’s finance director said projects to build or redevelop GAA stadia around the country may have to be “reviewed, rescaled, or reshaped”.

The GAA yesterday revealed their desire to delay the handover of the €15m committed to the redevelopment of Casement Park until “the back end of the project”.

“As part of the Casement Park project, a funding plan has yet to be agreed. There won’t be any work completed until then. How we plug into that funding plan — our commitment is €15m and is on the record.

“There’s no-one stepping out of that, but equally the funding hasn’t been finalised,” said Mulryan. “We’ll be taking an active part in any of those discussions, as that plan is put together, but our natural ask in the current climate is that we’d put our commitment toward the back end of the project, if possible. But the funding plan has to be finalised and agreed.

“The GAA at a central level is fully committed to the stadium projects in Meath, Kildare, Waterford, Antrim, Louth, and Roscommon.

“However, a level of realism will have to be maintained when it comes to supporting these large build costs. Centralised funding will not be available in the short to medium term to support these projects, or at least until the deficits of 2020 and 2021 have been replenished. These projects may have to be reviewed, rescaled, or reshaped to measure, and will be based on realistic and available resources.”