Louth GAA stadium "Pairc Na Sheik "

[Truth hurts]

Louth GAA's new stadium project looks to be firmly back on track thanks to a remarkable €14.8m windfall from the Government's 'Irish Immigrant Investor Programme'.

37 foreign investors have pledged €400,000 each to the greenfield development on the Dundalk bypass in exchange for Irish residency.

Despite raising an impressive €1.2m from a successful double house draw, spiralling building costs saw the overall outlay for the stadium project balloon from an estimated €12m to between €18-19m.

And with potential funding from Croke Park and the Government's Large Scale Sport Infrastructure programme also drying up, many supporters were left questioning if the ambitious project was still feasible.

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But while the plan appeared to be stalling from the outside, county board chairman and Independent TD, Peter Fitzpatrick, along with county treasurer Aidan Berrill and Operations Manager, Francie McMullen were busy rounding up potential overseas investors, eventually coming up with 37 donors.

Fitzpatrick now expects e-tender invitations to be released by the end of this month, with construction to start early in the new year.

However, the bulldozers could be back on the Inner Relief Road within weeks, as the County Board have agreed a deal with Prunty to begin laying the pitch immediately.

"it's been our dream to have our own home for 60 years and it's finally becoming a reality," Fitzpatrick said, after breaking the news to the Louth County Board Managament Committee on Monday night.

"We've been saying for the past 18 months that we do have a plan B and this is it. We'll be getting €14.8m from 37 investors, the approval came through last Thursday, and there shouldn't be any reason why we won't have a stadium built in the next 18 months or so."

Before the pandemic the stadium was reportedly high on the list for Government and Croke Park grants, with each initially expected to donate in the region of €4m, however, if the revised outlay of €18-19m proves accurate, Louth GAA will now only need between €3-4m to get the project over the line.

They could also potentially raise additional funds from naming rights and advance ticket sales.


The project already has full planning permission and the site, acquired from Louth County Council, has already been filled and drained at a cost of around €500,000.

When complete the stadium, will accommodate 14,000 spectators with a stand housing 4,080 on one side and a covered terrace accommodating 8,500 along the opposite touchline. There will also be some terrace space behind one goal.

The news is sure to send shockwaves through the wider GAA  community as many county boards, had  halted plans to redevelop their county grounds due to a lack of funding.

The 'Irish Immigrant Investor Programme' came to public attention last year, when the Meath County Board informed their clubs that they hoped to raise up to €2m for the redevelopment of Pairc Tailteann.

The programme was set up by the Government in 2012 and is aimed at facilitating migrant entrepreneurs and investors from outside the European Economic Area who, in return for permission to reside in the State, are prepared to invest in certain projects.

Up until recently the scheme did not cover sporting bodies or sports infrastructure projects, but the programme was tweaked to allow non-European Economic Area nationals to make a "philanthropic donation to a public project that benefits the arts, sports, education or culture within Ireland".

The scheme is strictly administered by the Department of Justice and facilitates non-EEA nationals and their families to acquire residency status in Ireland.

[RedHand88]

Where do we reckon they're from?
Saudis?
Dubai?
China?

[Baile Brigín 2]

This stinks very badly.

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

[Armagh18]

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

[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.

[RedHand88]

This stinks very badly.

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

So?

[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.   

[Truth hurts]

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.

The site will be a great location for games but if this is dirty money then the GAA has a duty to stop this.

[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.

The site will be a great location for games but if this is dirty money then the GAA has a duty to stop this.

It's not the GAA's duty.

Its the governments duty since it is their own approved scheme and it is up to them to carry out the due diligence checks, not the GAA, unless they have specifically forbidden this type of investment. If you have any concerns on the ethics of the scheme then it is the government that should be questioned. Since it is a capital project on the face of it, I don't really see any major issue. 

[Baile Brigín 2]

This stinks very badly.

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

So?

The thing is barely announced and the investors are calling the shots

[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

[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.   

[johnnycool]

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.   

Croke Park will also need to sign off on it as it's one of it's "business units"...

[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.

[seafoid]

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