Cork County Board have issued a statement refuting claims that Government officials have withheld monies promised to them for the €70m redevelopment of the Páirc Uí Chaoimh stadium.

They insist that “no State monies have been withheld from the project and no drawdown of monies has been requested by Cork County Board.”

It was reported on Wednesday morning that officials at the Department of Public Expenditure and Reform expressed concern that a cost-benefit analysis prepared by the Cork County Board was not up to scratch, with a key issue of concern being that the projected attendances for non-sporting events, such as concerts, may have been "overly optimistic".

Last May Public Expenditure Minister Brendan Howlin announced the funding, pledging some €30m to the project which will see the famous grounds replaced by a 45,000 capacity stadium which will also be key to Ireland's 2023 Rugby World Cup bid.

In the statement released on Wednesday Cork GAA looked to refute the claims made in the Irish Independent saying that “an initial Cost Benefit Analysis draft on the project was submitted in December 2014 and is the subject of ongoing dialogue with the relevant officials in the Department of Public Expenditure and Reform.

“It is entirely appropriate and is the norm that any case being made for the expenditure of public monies would be subject to rigorous examination. Cork County Board is fully engaged with the Department in that process.

“The Board is confident that the basis of the business case for the redevelopment of Páirc Uí Chaoimh is correct and will be pleased to provide any further information or clarification requested by the Department as part of the process now underway.”

The redeveloped venue is scheduled to be complete in time for the Munster Football Final in two years’ time.