Bruce Springsteen’s concert in Páirc Uí Chaoimh in July helped Cork County Board show a surplus of approximately €1.4m in their annual accounts.
The figures, which will be presented to members at Saturday night’s annual convention, show an overall surplus of €1,374,881, compared with €384,653 for 2012.
While the figures show a deficit of €228,884, the surplus from the ground’s revenue account more than makes up for the shortfall. The Springsteen gig is included in this, while income from investments is also included. Though the level of bonds held by the board decreased in 2013, this was primarily because funds were instead deposited with the GAA’s headquarters, which was able to provide a better return than bonds.
In his report to the convention, Cork secretary Frank Murphy drew attention to the fact delays to the running of the county championships, as a result of the All-Ireland hurling final being a draw, meant drawn games in the county SHC went to extra-time.
“Our ordinary revenue is mainly reliant on gate receipts from our county championships, and this will be a more dominant position during the course of the development of Páirc Uí Chaoimh and the Centre of Excellence, when financial income from investments will be reduced.It is important that the opportunities that replays present in terms of finance and promotion can be fully availed of.”
While the redevelopment of Páirc Uí Chaoimh will cost in the region of €70m, Murphy believes Cork cannot afford to wait and the new stadium will rival Croke Park in terms of quality.
“[The figure] is undoubtedly a major challenge for a voluntary amateur organisation but now is the time to build — it will never be cheaper.
“The key benefit of the new stadium is that it will be a high-profile, flagship venue for the GAA. The new stadium will provide Munster with the best “in class” stadium and centre of excellence at least on a par with Croke Park in many respects.”
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