Restructured Thomond payments ‘huge boost’, says Munster CEO

Munster Rugby announced a deficit of €0.8m at the Branch’s AGM last night, but delegates heard some encouraging news for the province in the form of a restructured repayment plan of its loan from the IRFU for the redevelopment of Thomond Park.

Munster’s financial controller, Philip Quinn, revealed the cash-flow deficit for the year ending June 30, 2013, a reduction from last year’s shortfall for the 12 months of just over €1m as Branch delegates gathered in the UL Bohemian’s clubhouse at Thomond Park for the AGM.

Quinn’s objective is to achieve a financial break even position in 2015-16 and the forecast for the year ending June 30, 2014 continues the slow march to that target with a projected deficit of €0.6m.