JP McManus ill-fated International Rugby Experience in Limerick records losses of €1.05m

THE firm behind billionaire businessman JP McManus’s ill-fated International Rugby Experience venture in Limerick recorded losses of €1.05m last year.

In December of last year, the International Rugby Experience shut its doors 19 months after only opening in May 2023 to much fanfare and endorsed by the likes of Ireland and Munster rugby legends Paul O’Connell and Keith Wood.

The award winning six storey visitor attraction on Limerick’s O’Connell Street was built through a €30m gift from the JP McManus Foundation.

Now, new accounts for Rugby World Experience CLG show that the scale of the losses in the visitor attraction’s first full year of operation - though start -up losses for a venture of this scale would have been anticipated. 

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The directors, which include JP McManus’s daughter, Sue-Ann Foley and former Ireland rugby captain, Paul O’Connell - state that the charity “has performed in line with the directors’ expectations and has generated a deficit for the financial year”.

In the accounts, signed off earlier this month, the directors state that they note that the visitor experience closed in December 2024 “and are considering their options for the building going forward”.

The directors state that the principle activity of the charity is to promote the regeneration of Limerick city centre by establishing the International Rugby Experience which will celebrate the sport of rugby through the means of a visitor experience. 

The €1.05m loss for 2024 followed a surplus of €10.27m for 2023 but this was mainly due to a €12m donation recorded that year.

The new accounts for Rugby World Experience CLG show that monies generated from visitors included in ‘other trading activities’ was €595,636 for 2024.

The €595,636 total for the 12 months of 2024 was only 12pc ahead of the €529,321 generated under the same heading in 2023 when the International Rugby Experience only opened its doors in May of that year.

The losses for the firm would have been even greater last year but for €700,000 received in income in 'donations and legacies' and the firm’s overall income totalled €1.33m.

However, the €1.05m loss arises from its expenditure totalling €2.38m and this included €662,225 in staff costs.

The visitor attraction last year reduced its workforce by 35pc from 31 to 20 as the anticipated visitor numbers did not materialise.

The €662,225 in staff costs was a 8pc decline on the staff costs of €722,605 for 2023.

The largest component on the firm’s costs last year was non-cash depreciation costs of €965,650.

The company’s tangible assets had a book value of €29.43m at the end of last year.

At the end of December 2024, the company had total funds of €29.5m and included cash of €159,924 which was down sharply on the €347,469 cash funds at the end of December 2023.

In October 2024, Limerick City and County Council declined an offer from the JP McManus backed venture of the €30m building and a cheque for €1.2m up front to cover most of the annual projected losses until the end of 2027.

JP McManus addressed a behind closed doors meeting of the Council in June of this year on the fall-out from the closure and this was organised as an attempt at reconciliation between the billionaire and the council.