Louth GAA stadium "Pairc Na Sheik "

[Baile Brigín 2]

This stinks very badly.

Already the jungle drums say Dundalk FC will get use of it

Why not? Presumably the infrastucture will be up to UEFA standards.
Similar deals in Sligo, Westmeath, Waterford,  Derry, Ballybofey etc would be very welcome, you would think

I strongly doubt Sligo or Harps will consider taking €14.8m from persons unknown to build a stadium they don't need and cannot begin to repay

[yellowcard]

This stinks very badly.

Already the jungle drums say Dundalk FC will get use of it

Better them having use of it than getting no stadium built at all

I think you missed my point. This isn't  a grant. This is a group of mystery investors. Are they now part owners of the stadium or Louth CLG? If Louth can't get the funding together to build this, are we confident they can repay these geezers? What on gods green earth do Louth plan on doing with a 14k venue?

Like too mamy of these things the blazers see the dollar signs and don't look at the enormous risks here.

You can argue on the finer points on the size of the stadium, but it is really a no brainer for Louth to proceed with this development if they are able to source the funding. As far as I'm aware this is not a loan but a gift. So Louth will retain full ownership of the stadium. Most county grounds are 10-15k anyway and the stadium is ideally situated midway between Dublin and Belfast so I don't really see the issue.

It's not a gift, it's 37 individual investors. Louth absolutely aren't gaining full ownership, they have after years of trying managed to get 6% of the cost together. This makes absolutely no business sense and is murky as

If 37 individual investors each have separate ownership stakes in the stadium then that is a problem alright. I had thought that they only gained residency rights for their investment and not ownership rights but I stand corrected if that is the case. Surely this would need to be approved at county board level and all of the implications considered.   

How could investors not have ownership rights? But even if it's a loan scenario, which it doesn't appear to be, Louth now owe Christ knows who €14.8m plus interest on top of their input. This is absolutely bonkers.

https://www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/#what

It's a philanthropic donation so presumably no ownership rights accrue to the investors (see no 4). Which is what I originally thought as Croke Park or Louth GAA would not even give a second glance to a project where they were borrowing a ludicrous amount of money.

Therefore on the presumption that GAA rules permit it, then it is a no brainer for Louth GAA.

[Baile Brigín 2]

This stinks very badly.

Already the jungle drums say Dundalk FC will get use of it

Better them having use of it than getting no stadium built at all

I think you missed my point. This isn't  a grant. This is a group of mystery investors. Are they now part owners of the stadium or Louth CLG? If Louth can't get the funding together to build this, are we confident they can repay these geezers? What on gods green earth do Louth plan on doing with a 14k venue?

Like too mamy of these things the blazers see the dollar signs and don't look at the enormous risks here.

You can argue on the finer points on the size of the stadium, but it is really a no brainer for Louth to proceed with this development if they are able to source the funding. As far as I'm aware this is not a loan but a gift. So Louth will retain full ownership of the stadium. Most county grounds are 10-15k anyway and the stadium is ideally situated midway between Dublin and Belfast so I don't really see the issue.

It's not a gift, it's 37 individual investors. Louth absolutely aren't gaining full ownership, they have after years of trying managed to get 6% of the cost together. This makes absolutely no business sense and is murky as

If 37 individual investors each have separate ownership stakes in the stadium then that is a problem alright. I had thought that they only gained residency rights for their investment and not ownership rights but I stand corrected if that is the case. Surely this would need to be approved at county board level and all of the implications considered.   

How could investors not have ownership rights? But even if it's a loan scenario, which it doesn't appear to be, Louth now owe Christ knows who €14.8m plus interest on top of their input. This is absolutely bonkers.

https://www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/#what

It's a philanthropic donation so presumably no ownership rights accrue to the investors (see no 4). Which is what I originally thought as Croke Park or Louth GAA would not even give a second glance to a project where they were borrowing a ludicrous amount of money.

Therefore on the presumption that GAA rules permit it, then it is a no brainer for Louth GAA.

Your link.

The Immigrant Investor Programme (IIP) is a pathway for non-EEA nationals to secure immigration permission to Ireland on the basis of long-term investment of a sum of money in a project that has been approved for that purpose by the Department of Justice and other Government stakeholders.

The IIP was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The programme is designed to encourage investors and business professionals from outside the European Economic Area to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.

Applicants to the IIP must be high net worth individuals with a personal wealth of at least €2 million. The IIP requires applicants to invest a minimum of €1 million for a minimum of three years. The funds used for an investment must be from the applicant's own resources and not financed through a loan or other such facility.

[Baile Brigín 2]

The press doesn't reference a donation. You may be right but why not mention that word?

[yellowcard]

This stinks very badly.

Already the jungle drums say Dundalk FC will get use of it

Better them having use of it than getting no stadium built at all

I think you missed my point. This isn't  a grant. This is a group of mystery investors. Are they now part owners of the stadium or Louth CLG? If Louth can't get the funding together to build this, are we confident they can repay these geezers? What on gods green earth do Louth plan on doing with a 14k venue?

Like too mamy of these things the blazers see the dollar signs and don't look at the enormous risks here.

You can argue on the finer points on the size of the stadium, but it is really a no brainer for Louth to proceed with this development if they are able to source the funding. As far as I'm aware this is not a loan but a gift. So Louth will retain full ownership of the stadium. Most county grounds are 10-15k anyway and the stadium is ideally situated midway between Dublin and Belfast so I don't really see the issue.

It's not a gift, it's 37 individual investors. Louth absolutely aren't gaining full ownership, they have after years of trying managed to get 6% of the cost together. This makes absolutely no business sense and is murky as

If 37 individual investors each have separate ownership stakes in the stadium then that is a problem alright. I had thought that they only gained residency rights for their investment and not ownership rights but I stand corrected if that is the case. Surely this would need to be approved at county board level and all of the implications considered.   

How could investors not have ownership rights? But even if it's a loan scenario, which it doesn't appear to be, Louth now owe Christ knows who €14.8m plus interest on top of their input. This is absolutely bonkers.

https://www.irishimmigration.ie/coming-to-live-in-ireland/i-want-to-invest-in-ireland/#what

It's a philanthropic donation so presumably no ownership rights accrue to the investors (see no 4). Which is what I originally thought as Croke Park or Louth GAA would not even give a second glance to a project where they were borrowing a ludicrous amount of money.

Therefore on the presumption that GAA rules permit it, then it is a no brainer for Louth GAA.

Your link.

The Immigrant Investor Programme (IIP) is a pathway for non-EEA nationals to secure immigration permission to Ireland on the basis of long-term investment of a sum of money in a project that has been approved for that purpose by the Department of Justice and other Government stakeholders.

The IIP was introduced by the Irish Government in 2012 to encourage inward investment for the creation of business and employment opportunities in the State. The programme is designed to encourage investors and business professionals from outside the European Economic Area to avail of opportunities of investing and locating their business interests in Ireland and acquire a secure residency status in Ireland.

Applicants to the IIP must be high net worth individuals with a personal wealth of at least €2 million. The IIP requires applicants to invest a minimum of €1 million for a minimum of three years. The funds used for an investment must be from the applicant's own resources and not financed through a loan or other such facility.

The IIP offers four investment options for potential investors.

    1. Enterprise Investment: A minimum of €1 million invested in an Irish enterprise for a period of at least three years
    2. Investment Fund: A minimum of €1 million invested in an approved investment fund for a period of at least three years. Such funds must be approved and regulated by the Central Bank
    3. Real Estate Investment Trusts: A minimum investment of €2 million in any Irish REIT that is listed on the Irish Stock Exchange, for a period of at least three years
    4. Endowment: A minimum €500,000 (or €400,000 where 5 or more applications are received) philanthropic donation to a project which is of public benefit to the arts, sports, health, culture or education in Ireland.

I'm presuming the investment is under option number 4 which would make it a donation. If it were an investment then no lender would even give Louth GAA a second glance.

[Baile Brigín 2]

I'm coming round to that actually  YC

[Rossfan]

Gahbad soccergood man's feathers really ruffled on this one

[LeoMc]

If the investors are getting ownership or their money back it is a very cheap EU passport.

[Baile Brigín 2]

If the investors are getting ownership or their money back it is a very cheap EU passport.

The confusion seems to be the word 'investors' in the media.it's a very clear term that seems to not be correct

[johnnycool]

If the investors are getting ownership or their money back it is a very cheap EU passport.

The confusion seems to be the word 'investors' in the media.it's a very clear term that seems to not be correct

yes, "investors" would suggest a return on the initial outlay whereas option 4 as pointed out by YC is a donation in return for a IRL/EU passport.

That would mean Louth GAA would be off the hook in terms of paying it back.

[seafoid]

This is an EU wide thing

Affluent punters from chaotic countries make a non refundable donation and get a passport

https://malta-citizenship.info/malta-citizenship-by-investment-program.html

[Baile Brigín 2]

Slightly off topic, but am I the only one uneasy with the idea of essentially giving citizenship & a passport for essentially making a "donation" even if it's philanthropic in nature? By all means if you choose to reside & invest in a business in the country where you provide a clear net benefit for local jobs & the economy then after say 5 or 7 years you can be invited to apply for citizenship on a less rigorous/fast-tracked criteria than normal, but "citizenship for cash" just doesn't sit well with me.

Agreed. I thought this was done away with since the controversy over it under Haughey and Reynolds. Turns out a certain FG connected telephone billionaire lined up punters to invest in his rugby club.

The obvious next question is who are these geezers

[rosnarun]

Slightly off topic, but am I the only one uneasy with the idea of essentially giving citizenship & a passport for essentially making a "donation" even if it's philanthropic in nature? By all means if you choose to reside & invest in a business in the country where you provide a clear net benefit for local jobs & the economy then after say 5 or 7 years you can be invited to apply for citizenship on a less rigorous/fast-tracked criteria than normal, but "citizenship for cash" just doesn't sit well with me.

It is a donation and they are not gaining an automatic Passports.
they are getting residential right and I suppose after a number of trouble free years they like any other migrant can apply for a passport.
People are so Naively Cynical the cant accept some news is good anymore 

[Rossfan]

Fair play to Louth and anyone else who takes advantage of this scheme while it lasts.
Ros CB please take note.

Bad week for Brigin.... a new GAA stadium for Dundalk and his women's soccer team getting slated all over