Financial Update From Munster AGM

The Munster Branch Annual General Meeting took place at UL Bohemian RFC last night with club representatives from around the province in attendance.

Munster Rugby announced an expected deficit of €600,000 for the financial year ending June 30th 2014, down on last year’s loss of €800,000.

Munster’s Financial Controller Philip Quinn said a number of positive factors contributed to the forecasted deficit reduction; additional individual match ticket sales of over €315,000, increased revenue from Commercial Board initiatives, as well as a home Heineken Cup quarter-final generating in excess of €450,000 profit.
Quinn went on to state;

"Continued 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 deficits".

Positive news was also delivered regarding Musgrave Park. Following project approval at a cost €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 Supporter’s 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 city’s 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 see’s 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 O’Loughlin, presented Munster Rugby’s Strategic Plan 2014-2017 to delegates and this can be viewed by clicking here.