Most recent state of play on the finances at PuC.
https://www.irishexaminer.com/sport/business-of-sport/arid-41286145.html
QuoteCork's Páirc Uí Chaoimh debt remains stubbornly north of €30m
CEO report: 'Crippling energy costs, along with fixed charges such as rates present major obstacles. Current stadium debt levels, now resting at over €30m, continue to present a major challenge'
Cork's Páirc Uí Chaoimh debt remains stubbornly north of €30m
FRI, 08 DEC, 2023 - 12:43
JOHN FOGARTY
Cork GAA's Páirc Uí Chaoimh debt remains over €30 million primarily due to no concerts being staged at the venue this year.
As the county reported inter-county team expenditure rising to close to €2m in 2023, the inability to cut the stadium burden from last year remains a pressing and concerning matter.
In his annual report, Cork GAA chief executive Kevin O'Donovan confirmed a new 25-year loan agreement with Croke Park will assist in repaying its debt, which they hope will be fully clear by 2048. However, with only Bruce Springsteen confirmed to play at the Ballintemple venue in 2024, there remains difficulty.
The stadium this year made a comprehensive loss of €2.688m compared to a loss of €3.266m in 2022. Their bank loans as of September 30 were €20.181m, the terms of which are to be revisited in 2028. As of a result of the restructuring with Croke Park, Cork GAA must pay Central Council €636,000 per annum. At the end of September, the loan total was €7,926,438.
"The lack of concerts during 2023 had a major effect on income and with one concert on the books for 2024, returning to profitability will be a major goal," writes O'Donovan. "Crippling energy costs, along with fixed charges such as rates present major obstacles. Current stadium debt levels, now resting at over €30m, continue to present a major challenge.
"In this regard a major positive from 2023 was the signing of a 25-year loan agreement with CLG which will allow a more long-term sustainable approach to repaying debt.
"Also, the sale of Kilbarry will have a significant effect on current debt levels and it is hopeful that the delays in An Bord Pleanala can be overcome to allow a sale in early 2024.
"Finally, with a range of new and exciting commercial partnerships about to be announced at Páirc Uí Chaoimh, naming rights remains on the agenda and there are positive signs here also."
Excluding the stadium accounts, Cork County Board reported a surplus of €467,500. Income-wise, gate receipts from October 2022 to September 2023 were recorded at €1.461m compared to €1.584m in the previous 12-month period. There was a jump of almost €300,000 in gross commercial income to €1.231m, while gross draw income rose by €50,000 to €991,629.
Inter-county expenses came in at €1.995m, over €381,000 more than in 2022. Catering (€413,537), team travel (€421,863) and medical/strength and conditioning and facilities (€634,334) all increased from '22 while there was also a big rise in overnight costs, €143,580 from €38,633.
O'Donovan comments: "A significant jump in commercial income, along with increased returns from Rebels' Bounty contributed to increased revenues. The recent signing of a new 5-year deal with Sports Direct is a major positive in this regard, as is a long-term extension of our partnership with O'Neills.
"Meanwhile, the return from club gates remained high at close to €1.5m despite a slight drop due a seasonal adjustment in relation to final dates and costs associated with the new streaming model.
"Costs associated with inter-county teams increased from €1.614m to €1.995m which reflects the national trend. However, it is worth pointing out that this number includes all six county teams and unlike most counties, reflects an equal investment across both codes."
https://www.irishexaminer.com/sport/business-of-sport/arid-41286145.html