Munsterâ00s Financial Controller Philip Quinn said a number of positive factors contributed to the forecasted deficit reduction; additional individual match ticket sales of over â0¬315,000, increased revenue from Commercial Board initiatives, as well as a home Heineken Cup quarter-final generating in excess of â0¬450,000 profit.
Quinn went on to state;
â00Continued investment in the team is vital to competitiveness in light of additional funding available in both France and England. Additional financial support has been requested from the IRFU which is expected to significantly reduce the current deficitsâ0.
Positive news was also delivered regarding Musgrave Park. Following project approval at a cost â0¬3.2M, work is due to commence next week and will see the construction of a new West Stand with 3,500 seats increasing capacity to 9,500 with a cover for the East Terrace. Funding for the project was raised through a Lottery grant, the selling of naming rights to Independent News Media, Capital Development funds, the Munster Rugby Supporterâ00s Club, sale of land and savings on existing temporary stand.
An investment for the future, the redevelopment of Musgrave Park will bring many benefits to both Munster Rugby and supporters alike, with over 50 games played annually across all levels and competitions at the Cork venue. Professional rugby can continue to be played in the stadium with significant improvements to facilities for players, supporters, media and sponsors, while additional events such as the Il Divo concert will provide another revenue stream for the Munster Branch.
The project also represents a long term commitment to Cork. With the cityâ00s large population base, ticket sales for lower profile games that are played in Cork exceed those of similar game in Thomond Park where the match costs are significantly higher.
On the Limerick front, Quinn confirmed that planning for the UL Training Centre has been submitted in a project that seeâ00s the University of Limerick build the centre and rent it exclusively on a long-term basis to Munster Rugby. The centre will be fully operational in July 2016 and will become the province's sole training base.
Also on the night, Chairman of Munster Branch Management Committee Gerry Oâ00Loughlin, presented Munster Rugbyâ00s Strategic Plan 2014-2017 to delegates and this can be viewed by clicking here.While Mick Goggin of UL Bohemian RFC was elected President of the Munster Branch for the incoming season. Read more about the new President and see pictures of last nightâ00s AGM by clicking here.