Croke Park signs off on restructuring of Cork GAA's bank loan on Páirc Uí Chaoimh

BANK BOOST: Pairc Ui Chaoimh in Cork.

Cork GAA's difficulties in repaying their Páirc Uí Chaoimh have been further allayed after the GAA signed off on a restructuring of their Bank of Ireland loan.

Central Council delegates in Croke Park agreed on the new arrangement with the bank, which will help to alleviate the €30 million-plus debt burden arising from the reconstruction of the stadium. The amount owed to Bank of Ireland at that stage exceeded €21m.

Earlier this year, the Irish Examiner reported that the GAA had given Cork a loan holiday of one year. The amount owed to Central Council 12 months ago was claimed to be €7.763m, although that number is understood to be larger. The interest of 1.9% will continue to accrue on the amount owed while the loan break is subject to a six-month review.

With no concerts at the Ballintemple venue this year and the Munster senior hurling final and All-Ireland SHC quarter-finals being played in Limerick, the income earned by the stadium was significantly less compared to 2022.

However Munster Rugby are set to face the Canterbury Crusaders in the Páirc in February, while Bruce Springsteen is expected to be among the artists to play there next year.

Central Council also gave the thumbs-up to Cavan’s Kingspan Breffni staging an Ulster rugby preseason game against Glasgow Warriors on October 7.

The GAA’s management committee also reported that following a review they are satisfied the GAA complies with the Sport Ireland Governance Code for Sport.

A number of infrastructure and funding grants were approved for county grounds and centres of excellence, while it was agreed a study into the economic and social value of Gaelic games on the island of Ireland should be compiled.

The Allianz League football finals also appear to be retained for next season with the All-Ireland senior championships expected to conclude in the latter half of July in 2024.