Revenues generated by 40,000 fans who paid to see Springsteen perform at the Cork stadium along with the sell-out Munster senior hurling championship game between Cork and Limerick – which both took place in May 2024 – contributed to Páirc Uí Chaoimh CTR (PUC) reducing its pre-tax losses by 29pc to €1.9m in 2024.
The accounts for Páirc Uí Chaoimh CTR (PUC) show that revenues increased €1.93m from €3.62m to €5.55m in the 12 months to the end of September last.
The stadium firm recorded earnings before interest, tax, depreciation and amortisation (Ebitda) of €582,491 compared to an Ebitda loss of €331,561 in 2023 – a positive swing of €914,052.
The principal activity of Páirc Uí Chaoimh CTR consists of the administration, management, promotion and facilitation of club and inter-county games and on-going maintenance of SuperValu Páirc Uí Chaoimh Stadium.
Patrick Horgan of Cork takes a free during the Munster GAA senior hurling championship match between Cork and Limerick at SuperValu Páirc Uí Chaoimh in Cork in May of last year. Photo: Stephen McCarthy/Sportsfile
SuperValu Páirc Uí Chaoimh was completed at a cost of €96m in 2017 and the company last year bore two of its biggest costs associated with the redeveloped stadium – non-cash depreciation costs of €1.52m and loan interest costs of €957,874.
The directors state that the stadium redevelopment has been financed to date by Cork County Board finances, a grant of €20m from Cumann Lúthchleas Gael, Department of Transport, Tourism and Sport grants and Munster Council grants of €34.64m, bank loans and sales under long-term tickets and other fundraising schemes. They added these grants were all paid to the Cork County Board, the GAA’s governing body in the county.
They state that “during the prior years, a significant portion of the costs relating to the stadium companies and the redevelopment costs were met directly by Páirc an Chrócaigh CTR, a Croke Park company”.
The directors state that the executive committee of Cork County Board has agreed that the stadium asset and stadium costs including the related capital grants, remaining capital accruals and bank loans will be transferred to Páirc Uí Chaoimh CTR (PUC), pending other internal GAA approval procedures.
At the end of September, Páirc Uí Chaoimh CTR had accumulated losses of €13.23m and the directors state that the company was supported by cash flows from CCB during 2024 and funding continues to be in place through Páirc an Chrócaigh CTR.
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