Cork GAA netted €1.25 million profit from Páirc Uí Chaoimh stadium events over the past year, but the legacy debt on the state-of-the-art venue is still well over €30 million.
County CEO Kevin O’Donovan, says Páirc Uí Chaoimh “continues to face a challenging future,” despite recording healthy profits.
O’Donovan, writing in his annual report to the Cork GAA Convention, which takes place next Sunday, continued: “The legacy debt from the stadium redevelopment continues to rest well above the €30 million mark.
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“Predictions that the stadium would open debt free now seem like a distant memory and all efforts must be made to clear the shortfall by those now charged with its management.
“Passing the debt on to the next generation doesn’t bear thinking.
“Therefore an action plan continues to be implemented in conjunction with all associated and we will be calling on members to support all commercial aspects under the Cork GAA umbrella.
“The sooner the stadium is placed on a firm financial footing the sooner we can move on to future projects - for example, the much required training centre for our teams.”
O’Donovan says the best way to pay off the debt is to fill the stadium more regularly for games featuring Cork All-Ireland winning teams.
The events at Páirc Uí Chaoimh this year included concerts by Ed Sheeran (2), Westlife (2) and Elton John (1).
The €1.25 million profit figure could have been higher with the South/Africa Munster rugby game taking place outside the year end of September 30. Rent from the game will feature in next year’s accounts.
An overall surplus of €700,000 was recorded. This meant that total profits, including stadium earnings came in at €1.95 million.
Cork’s spend on inter-county teams for 2022 was just over €1.6 million, up €400,000 on last year’s figure.
And Cork GAA’s gate receipts were over €1.5 million, up over €1 million on last year’s figure.
This did not include the Cork hurling final, which attracted 15,000 fans, as it fell after the September 30 cut off date.
The Rebel’s Bounty draw has brought in a staggering €5.7 million in the last two years, with €575,000 profit for Cork GAA and just under €3.85 million going directly back to clubs in 2021 and 2022.
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