THE GAA HAVE revealed that the long-term Páirc Uí Chaoimh stadium debt is expected to be ‘in the region of €20 million’ and that they gave a loan of €10 million in additional funding for the re-development over the past 18 months.
Director-General Tom Ryan writing in his annual report which was released this morning at Croke Park, stated he is confident that the ultimate cost of the project will be €96 million. The refurbishment of the venue has been marred by delays, spending difficulties and problems with the pitch surface.
Ryan outlined how bank borrowings for the project currently stand at €21.5 million while there is a debt owed to Croke Park of €10 million. The long-term figure will be reduced due to ‘the anticipated resolution of various ongoing negotiations and the sale of assets’.
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The additional funding was given by the GAA at a central level ‘to fund critical stadium completion works, including the pitch’.
There have been reasons cited for the spiralling costs from the early cost projection for the refurbishment which was €78.5 million. The issues were the pitch difficulties, the fact that the sale of 10-year premium seats was undersubscribed and that land which was earmarked to be sold to fund part of the build was overvalued.
Ryan insists there are key lessons that must be learned for the GAA with future infrastructure projects.
“Future projects must be controlled centrally with appropriate oversight. We must engage professional project management expertise. Central Council funding must only be issued proportionately with progress, rather than up front. Projects can only be permitted to start when all the funding is in place and not proceed contingent upon future income.”
The Director-General believes it will be a major future challenge for Cork.
“It must be acknowledged that debt repayment of this scale will prove to be very challenging for both the Cork county committee and its Páirc Uí Chaoimh company subsidiary. All avenues will have to be explored to resolve matters.
“The wider association expects and knows that Cork GAA and its proud club base fully respects the gravity of the financial problem now facing them. I know that Cork does realise the scale of the issue and does accept its role in resolving it.”
Meanwhile Ryan is hopeful that the recent restoration of the Northern Ireland Assembly and Executive will be a help to their planned Casement Park project and that 2020 will be the year when they ‘finally see physical works commence at the site’.
He has outlined how there are positive signs about building of the planned of the 34,000 capacity stadium at the West Belfast site and that a planning decision will be made within months.
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GAA expect long-term Páirc Uí Chaoimh debt will be 'in the region' of €20 million
THE GAA HAVE revealed that the long-term Páirc Uí Chaoimh stadium debt is expected to be ‘in the region of €20 million’ and that they gave a loan of €10 million in additional funding for the re-development over the past 18 months.
Director-General Tom Ryan writing in his annual report which was released this morning at Croke Park, stated he is confident that the ultimate cost of the project will be €96 million. The refurbishment of the venue has been marred by delays, spending difficulties and problems with the pitch surface.
Ryan outlined how bank borrowings for the project currently stand at €21.5 million while there is a debt owed to Croke Park of €10 million. The long-term figure will be reduced due to ‘the anticipated resolution of various ongoing negotiations and the sale of assets’.
The additional funding was given by the GAA at a central level ‘to fund critical stadium completion works, including the pitch’.
There have been reasons cited for the spiralling costs from the early cost projection for the refurbishment which was €78.5 million. The issues were the pitch difficulties, the fact that the sale of 10-year premium seats was undersubscribed and that land which was earmarked to be sold to fund part of the build was overvalued.
Ryan insists there are key lessons that must be learned for the GAA with future infrastructure projects.
“Future projects must be controlled centrally with appropriate oversight. We must engage professional project management expertise. Central Council funding must only be issued proportionately with progress, rather than up front. Projects can only be permitted to start when all the funding is in place and not proceed contingent upon future income.”
The Director-General believes it will be a major future challenge for Cork.
“It must be acknowledged that debt repayment of this scale will prove to be very challenging for both the Cork county committee and its Páirc Uí Chaoimh company subsidiary. All avenues will have to be explored to resolve matters.
“The wider association expects and knows that Cork GAA and its proud club base fully respects the gravity of the financial problem now facing them. I know that Cork does realise the scale of the issue and does accept its role in resolving it.”
Meanwhile Ryan is hopeful that the recent restoration of the Northern Ireland Assembly and Executive will be a help to their planned Casement Park project and that 2020 will be the year when they ‘finally see physical works commence at the site’.
He has outlined how there are positive signs about building of the planned of the 34,000 capacity stadium at the West Belfast site and that a planning decision will be made within months.
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Finance GAA Gaelic Football Hurling pairc strife Páirc Uí Chaoimh Tom Ryan