Thomond Stadium firm makes €366,610 operating profit on back of successful summer gigs

INCOME from Liam Gallagher, Paolo Nutini and Snow Patrol's gigs at Thomond Park in Limerick last summer helped the stadium firm to operating profits of €366,610 for 2024.

The stadium hosted three gigs last July and last year's €13.5m economic spin off from the stadium's gigs for the Limerick and Midwest area will continue next month with gigs on July 11, 12 and 13 when the Wolfe Tones will play two nights and The Script will also perform on July 12.

This year is the third year that the stadium firm, Thomond Park Stadium Co Ltd has linked up with promoters, MCD Production to stage concerts at the stadium.

In January of this year, an economic impact assessment by Repucon Consulting and commissioned by Munster Rugby reported that the 73,000 fans that attended last July's gigs created the €13.5m economic impact.

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The stadium firm operates the home of Munster rugby and it generates its revenues from licence fee income from rugby games, rights income, hospital and catering income, rental income, bar income and event from public events such as next month’s concerts.

The accounts for Thomond Park Stadium Company DAC show that the licence fee income from the Munster branch of the IRFU surged from €598,405 to €835,083 in the 12 months to the end of July last.

Munster ensured a continuation of that level of income by qualifying for next season’s Champions Cup after finishing 6th in the URC after winning the final two games.

The company recorded post tax losses of €691,140 in the 12 months to the end of July last and the losses take account of non-cash depreciation costs of €1.057m.

The post tax loss was down 27pc on the post tax loss of €949,607 for fiscal 2023.

The amount owed by the firm to the Munster branch totalled €17.69m at the end of July last which was down on the €18.02m owed one year prior.

Numbers directly employed at the stadium firm last year remained static at seven and staff costs declined from €405,300 to €399,145 including wages and salaries of €351,902.

At the end of July last, the stadium firm had shareholder funds of €4.17m. The company’s balance sheet received a boost in the prior year when it received a €6m capital contribution.

A note states that the repayment schedule on the €17.18m owed to promoters, the IRFU and the Munster Branch of the IRFU at the end of July “will be on a basis appropriate to company cash-flows”. 

The company has a book value of €22.06m on its tangible assets at the end of July last.