Páirc Uí Chaoimh's Revenue Surges: A Look at the Financial Success in 2024
The revenue of Páirc Uí Chaoimh saw a significant increase of 55% to €5.5 million, largely attributed to a sold-out concert by Bruce Springsteen and a Munster hurling championship game against Limerick in May 2024. This surge in revenue helped the stadium firm reduce its pre-tax losses by 29% to €1.9 million in 2024. The accounts for the firm revealed a revenue increase of €1.93 million from the previous year.
Earnings before interest tax depreciation and amortisation (Ebitda) for Páirc Uí Chaoimh improved to €582,491 in 2024, compared to an Ebitda loss of €331,561 in 2023, marking a positive swing of €914,052. The completion of Páirc Uí Chaoimh in 2017 cost €96 million, with the company incurring significant costs associated with the stadium's redevelopment, including non-cash depreciation costs of €1.52 million and loan interest costs of €957,874.
The directors highlighted that the stadium redevelopment had been funded through various sources, including the Cork County Board's finances, a grant of €20 million from Cumann Lúthchleas Gael, Department of Sport grants, and Munster Council grants totaling €34.64 million. Additionally, bank loans and sales of long-term tickets and other fundraising initiatives contributed to financing the stadium's redevelopment.
Last year, Páirc Uí Chaoimh was rebranded as SuperValu Páirc Uí Chaoimh following a 10-year naming rights sponsorship agreement with the retailer. The commercial partnership with SuperValu is estimated to be valued at around €250,000 annually for Cork GAA. The successful events held at the stadium and strategic partnerships have played a crucial role in the financial performance and sustainability of Páirc Uí Chaoimh.