Cork county board to repay €1.2m for Páirc Uí Chaoimh ‘cash flow issue
Cork County Board owes €1.2m to Central Council arising from a Páirc Uí Chaoimh cash flow problem dating back to 2017.
At tonight’s Cork County Board meeting, secretary Kevin O’Donovan informed delegates that the executive has agreed repayments to Central Council for money that should have been handed over three years ago.
Prior to Croke Park stepping in and taking over the running of Páirc Uí Chaoimh, a cash flow issue arose which led to €1.2m of Cork County Board money, owed to Central Council, being redirected towards the stadium redevelopment.
The stadium, such is its troubled financial position, has not been able to repay the money to the county board. And so while the board will now meet its outstanding debt to Central Council, there is no timeline as to when the board will be reimbursed by Páirc Uí Chaoimh.
“In 2017, a cash flow issue arose in relation to the construction costs of the stadium, [this was] prior to our later funding agreement with Croke Park which is called the framework agreement. €1.2m of county board payments due to Central Council were used as a cash flow measure, with the agreement of Croke Park,” O’Donovan revealed.
“It was anticipated that this money would come back to the county board, and then to Central Council in the short-term when stadium funding streams allowed. But as time went on and the funding shortfall for the stadium increased, it became apparent that the repayment to Cork county board from the stadium would not materialise, even in the medium term, and the money would remain due to Central Council, and was provided for in the county board accounts.
“Our executive has recently decided that this money should be paid back to Central Council, in agreed instalments commencing this year, with the money then to be paid back from Páirc Uí Chaoimh to Cork GAA in the fullness of time. We all know the challenges the stadium faces now.
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