Páirc Uí Chaoimh revenues Surge Following Springsteen Concert adn Hurling Championship
Revenues at Páirc Uí Chaoimh,the Cork stadium,increased by 55% to €5.5 million in the 12 months ending september 30,2024,largely due to a Bruce Springsteen concert and a sold-out Munster Hurling Championship match.
The Springsteen concert, featuring approximately 40,000 attendees, and the May 2024 hurling game against Limerick were key drivers of the financial improvement. These events contributed to a 29% reduction in pre-tax losses, bringing them down to €1.9 million for 2024.
Financial Performance
The stadium firm’s revenues rose by €1.93 million, from €3.62 million in 2023 to €5.55 million in 2024. Earnings before interest, taxes, depreciation, and amortization (EBITDA) swung from a loss of €331,561 in 2023 to a profit of €582,491 in 2024-an increase of €914,052.
Despite the revenue gains,Páirc Uí chaoimh continues to bear significant costs related to its 2017 redevelopment. Non-cash depreciation costs totaled €1.52 million, and loan interest amounted to €957,874 in 2024.
Funding and Sponsorship
The €96 million stadium redevelopment was financed through a combination of sources, including Cork County Board finances, a €20 million grant from Cumann Lúthchleas Gael (GAA), Department of Sport grants, and €34.64 million in grants from the Munster Council. Additional funding came from bank loans and fundraising initiatives, including the sale of long-term tickets.
In 2024, Páirc Uí Chaoimh secured a 10-year naming rights sponsorship with SuperValu, rebranding the stadium as SuperValu Páirc Uí Chaoimh. The sponsorship is estimated to be worth approximately €250,000 annually to Cork GAA.
