Bumper crowds returning to the Aviva Stadium last year helped the company that runs the stadium to record operating profits of €4.9 million for 2021.
New Stadium Ltd recorded the operating profits as the stadium reopened last autumn after being shut for much of last year due to the Covid-19 pandemic.
Fans at the stadium saw the Ireland rugby team beat the All-Blacks as part of the autumn international rugby series while the Aviva had another full house for the Ireland international soccer team’s tie against Portugal in November.
During 2021, the venue missed out on money-spinning events such as the staging of concerts, but such events are returning this summer with featured stars including Harry Styles and Westlife.
Latest accounts filed by New Stadium Ltd – jointly owned by the IRFU and the FAI – show that it generated revenues of €6.9 million from its two shareholders in 2021.
Last year’s €6.9 million total represented a 21 per cent increase on the €5.7 million paid out by the entities in 2020, the year the pandemic hit.
A sizeable chunk of the company’s revenues come from naming rights for the stadium.
In 2010, Aviva bought the naming rights for a reported €40 million over 10 years – or €4 million a year – and extended the deal in 2018 to 2025.
Last year, New Stadium Ltd paid out no dividend to its shareholders.
The stadium company recorded a pretax loss of €4.2 million for last year, with this taking account of hefty non-cash depreciation costs of €9.12 million.
The company pays the IRFU €750,000 each year for the rent of the stadium land.
The number of employees employed by the stadium firm reduced from 22 to 17, with four of the jobs lost listed as part-time roles.
The accounts are signed off by the chief executive of the IRFU, Kevin Potts, and president of the FAI, Gerry McAnaney.
The firm’s shareholder funds stood at €148 million at the end of the year, comprised of a share premium of €58.1 million, capital contribution of €134.37 million and accumulated losses of €44.27 million.
The company’s cash pile increased from €2.2 million to €3.37 million. Its fixed assets had a book value of €299 million at year end.
