McManus's €63m withdrawal will not affect building of arena

BETTING tycoon JP McManus's decision to withdraw his €63 million gift towards the cost of a national stadium will not affect the likelihood of an arena being built.

Representatives of the financier have reportedly told the Taoiseach he can no longer rely on receiving the money, as the Government now wants private developers to take over the project.

Sports Minister John O'Donoghue said in the Dáil last week there had been no contact with Mr McManus, but hinted he did not expect the donation as it would effectively be subsidising the financier's business rivals. Government sources insisted yesterday that the loss of €63m would not affect plans to build a stadium as private investors would not have expected this money to be forthcoming.