Funding for the new stadium on Leeside, which is now estimated at €80 million in total, will break down as follows — €30 million of State aid, €20 million from central GAA funds, €3.75 million from the Munster Council, €10m from the Cork County Board itself, with the remaining amount, approximately €14m, being made up from a variety of sources.
The premium ticketing scheme launched last night — 2,000 tickets priced at €6,500 — will be a significant part of that funding, as will future concerts and, possibly, naming rights for the stadium.
“There’s constant contact with (concert) promoters,” said Bob Ryan of the stadium committee.
“We’re exploring the possibility (of naming rights), very much so, provided we get the right commercial offer.
“We’re on budget. We have to compliment everybody, they’ve all cooperated and worked together. The redevelopment project is a huge construction project. Bar one, every contractor and subcontractor on site is from Cork. Everyone is working extremely hard to ensure we reach our targets. We have endeavoured to keep disruption from the project to a minimum and we are very grateful to the local residents for their patience and understanding as the work progresses.
“We’ve had to introduce some changes to the design such as the LED (flood) lighting, for instance, and the design of the roof on the north stand, so there would have been some overruns there, but those were factored in.
“When the stadium is completed we’re hoping that it will become a commercial model, a profitable one, and that all the money it generates will go back into building resources on the field.”
The centralisation of resources in Páirc Uí Chaoimh is expected to bring savings of €6m for the board in terms of team preparation going forward, with Ryan breaking down that reduction in costs thus: “To build an all-weather facility somewhere else, we would have had to develop all the infrastructure around that — treatment rooms, dressing rooms, gyms and so forth.
The whole lot is here on campus now.”
Asked if those savings would be passed onto teams and players, Ryan said: “That’s all part of the budget.”
Cork representatives maintained the stadium and Centre of Excellence project will not result in any funds being diverted away from the county board’s financing of its games and other programmes.
“The Páirc Uí Chaoimh project is an entirely standalone project in financial terms and will not impact on the Board’s support for its playing and other activities which remain its priorities,” added Board chairman, Gerard Lane.
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