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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I love this positivity from Collins!
You can’t even beat Greece ffs
@john doe: They can barely beat Gibraltar at home.
I have nothing against this team and setup but it’s time to start concentrating on getting the grassroots and facilities up to standard i.e. concentrat on teams to come in the future.
@Stanley Marsh: To be fair, we put as many past Gibraltar as France, Netherlands and Greece did.
@Eoin McCarthy: oh wow. Another moral victory for us so. We’re as good as France.
Ffs
@Eoin McCarthy: Oh well, I take back everything I said then!!
WHOOSH!!!
@Stanley Marsh: 18 players given debuts,that’s for the future
@Larry Betts: Yes, but what kind of future in the short to medium term?
There is a bizarre scenario for us that to qualify for the play offs we need most of the teams ranked higher than us in the Nations league to qualify automatically through these qualifying groups. One of those teams is The Netherlands. So technically if they beat us it improves our chance of getting a play off.
@Gearóid MacEachaidh: whatever happened to just the top 2 qualifying.
What on earth is Kenny putting in the Irl teams drinking water ?
The latest extraordinary uttering has Collins saying that they can beat France.”Incredible”.
Judging by his performance on Monday,Collins would have difficulty getting in the Gibraltar side.
Kenny must be shown the door now. His tactical awareness is non existent,and leads his team up blind alleys.
Yes delusion is the name of the game by all at the
F A I.
Headless chickens come to mind.
Marc
@marc anders: what are you talking about? On one hand you are saying that the players shouldn’t have belief in themselves to get the best out of themselves and on the other hand you’re saying Collins wouldn’t get on the Gibraltar team.. which obviously isn’t even remotely true!
April fools day is long gone. Please be a great player that you are. Don’t talk like that Please. Chance came and went
Oh Holy mother…..
#positivity #delusional
they should have asked him before he got steamed up.
Technical yes we can
Realistically we won’t
It’s that easy sum up Irelands chances.
We shouldn’t be trying to “Nick” a result from anyone
Stop it. Please.