Ireland’s ‘richest’ GAA club suffers €250k loss

THE ‘richest’ GAA club in Ireland suffered a loss of €250,000 in 2014, despite borrowing a staggering €500,000 to secure its short-term future. The latest set of accounts show that Dublin club Parnells, the home of All-Ireland-winning Dublin captain and five-time All-Star Stephen Cluxton, is still struggling with serious financial issues — despite a headline- grabbing land sale back in 2008. A new executive was elected last year against growing concerns over the running of the club, which saw staggering operating losses of almost €1.5m between 2012 and 2013. The club has strived manfully since then to cut costs, but the loss for the financial year still amounted to €210,624. ‘Maintaining a positive cash flow remains the greatest risk relating to club commercial activities,’ is how it was starkly put in the accounts presented to the club’s annual general meeting in May, in which the full extent of the club’s financial position was detailed. ‘After the year end, it was found that the club had debts in the sum of €1,479,657, of which €328,901 related to a loan with Bank of Ireland. ‘This balance was refinanced by way of a loan in the sum of €501,000.’ In response to the figures in question, the club issued a statement to Sportsmail

making the following points: ‘Over the last six years Parnells has gone from being a club with extremely limited facilities, to being one of the very best equipped in the country. ‘This was achieved through the extremely prudent management of the club’s resources and the investment of €21m in a state-of-the-art sports complex and clubhouse in Coolock village. ‘The club achieved this new development without any Government, GAA or Local Authority funding. All of the proceeds of its land sale in 2008 have been invested in capital projects at the request of the GAA. ‘The club has navigated through the recession of the last seven years and delivered an outstanding facility in Coolock village, generating 50 new jobs and over €1m of wages annually for the local community. ‘Community and promoting our games is the heart of the GAA and Parnells has a proud tradition in both. ‘In fact, the club was in 2013 voted the best Community Sports club in Ireland. The club’s revenues again exceeded €3m in 2014 and it has pared back its investment and costs in the GAA activities of the club to reduce its deficit in the trading year.’ That high turnover of €3,280,877 is one big positive, but with continued year-on-year losses and just cash at hand of €29,503, the bottom line has to be of concern for a club which boasts Cluxton (below) as a playing member. The statement on behalf of the club is bullish about turning things around,. ‘The club’s members, bankers and suppliers have been very supportive over the years and they continue to believe that the club is a strong and positive community asset to the Dublin 5 area. ‘We believe that, with the expected lift in the economy, and the support of its members, the club will continue to be an integral part of the local community, through its promotion of GAA and broad based community activities.’