Losses at the company behind Thomond Park Stadium in Limerick city increased by more than a quarter last year due to “significant restraints” on its ability to raise revenue. These arose out of the public health measures designed to curb the spread of the Covid-19 pandemic.
The latest accounts filed by Thomond Park Stadium Company, covering the year to July 31st, 2020, show an annual loss of €1.3 million, up from €987,125 the year before.
The company operates the Limerick venue that is the home of Munster Rugby. Its trade consists primarily of hosting and promoting rugby matches, together with related ancillary activities such as hospitality and catering. The company also hosts other sporting events, concerts and functions, as well as a museum.
At July 31st, the company had net liabilities of €860,863, almost double the figure of the previous year. Total assets stood at €236,137, down from €1.5 million in 2019.
Decline
Turnover was down from €2 million to €1.6 million, with most of the decline down to licence fee income, which fell from €773,961 to €581,161. Hospitality and catering income was 26 per cent lower at €244,423, while bar income fell from €577,777 to €470,447 and revenue from the museum almost halved to €10,908.
The company said its ability to continue as a going concern was “dependent upon the continued support of the company’s promoters to provide the company with adequate cash flow and resources to enable it to continue in operational existence”.
The company said it had continued support from its promoters, including funding from the IRFU “in addition to that which would normally be expected”. It added that repayments of the amounts owed to its promoters must be proportionate to the cash flows of the company.
It said the “full financial impact” of the restrictions cannot be known yet.
