GAA invests €5m in Páirc Uí Chaoimh through Immigrant Investor Programme

Although the programme closed in 2023, approvals were still made after that date for several projects received before the deadline
GAA invests €5m in Páirc Uí Chaoimh through Immigrant Investor Programme

"We’re investing another €5m in the building (Páirc Uí Chaoimh) in the next couple of years through IIP funding," Cork GAA chief executive Kevin O’Donovan said.

Cork GAA plans to invest €5m in Páirc Uí Caoimh through the Immigrant Investor Programme (IIP), which provides a pathway for residency in Ireland for investing in infrastructure projects.

The Government closed the programme for new applications in February 2023. Introduced in 2012, the IIP is a pathway for non-EEA nationals to secure immigration permission on the basis of long-term investment in a project approved by the Department of Justice and other stakeholders.

Although the programme closed in 2023, approvals were still made after that date for several projects received before the deadline.

“We’re investing another €5m in the building (Páirc Uí Chaoimh) in the next couple of years through IIP funding,” Cork GAA chief executive Kevin O’Donovan told a packed Cork Chamber business breakfast at the stadium yesterday.

Mr O’Donovan discussed a variety of subjects at the chamber presentation, on and off the pitch, from premium ticket packages to stadium naming rights, from HawkEye technology to whether there should be a “decoupling” of Cork hurling and football.

He said that it remains “a pity” that the stadium debt enters so many conversations around Cork GAA. The Páirc Uí Chaoimh stadium debt stood at €31m at the end of 2024.

“It’s €30m in round numbers on a €100m asset. We should be able to carry it. It’s not unreasonable,” he said. “The issue is, for a sporting organisation to pay it back is a major challenge. It’s two-thirds bank (loan), it’s one-third GAA. We’re bridging now and moving that into GAA debt as much as we can, with incredible support from people outside.”

Mr O’Donovan said plans to raise €6m, through the development of more than 300 homes on land outside Cork City, remain “alive and well” despite facing a judicial review.

In September 2024, An Bord Pleanála approved a planning application from Cork County Board for 319 homes at Kilbarry on Cork City’s northside.

The development plan is subject to a judicial review but the Cork GAA chief is confident it will reach a successful conclusion.

“Kilbarry is still alive and well,” said Mr O’Donovan. “There is a judicial review. The support we got from O’Flynn Group in particular is off the charts on that project. It has a value of €6m to €10m. We have a value of €6m on it, we hope to do better.”

Mr O’Donovan also said the Rebels Bounty prize draw, operating for five years, has been a resounding success, despite some misgivings. Rebels Bounty has generated €15m, with clubs making €10m, county board making €2.5m, and €2.5m paid out in prize money.

“The county board officers held their water and pushed it through a county board meeting when there wasn’t unanimous support for it. I know the clubs have reaped the bounty.”

Mr O’Donovan said that Cork GAA has enjoyed commercial success over the past five years, signing up 25 official partners. “It’s been a really, really fertile period,” he said.

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