INCOME from Ed Sheeran gigs at Thomond Park last Summer helped to almost triple revenues at the stadium to €1.52million last year.
After hosting two Ed Sheeran gigs last May, latest accounts for Thomond Park Stadium Co DAC show that €320,908 was recorded from ‘public event income’ in 2022 while hospitality and catering income also increased.
Separate figures from trade industry journal Pollstar show that the two Sheeran Thomond Park gigs last year generated $5.19 million at the box office with ticket sales totalling 61,780.
Stadium Director, John Cantwell said they were very happy with the financial performance of the stadium for 2021/22, as it was important to bounce back from the negative impact of the Covid pandemic.
“The positive performance was definitely boosted by the welcome return of major concert business to the stadium. “The Ed Sheeran concerts not only generated an important revenue stream but also reinforced the reputation of the stadium as a superb venue for music events.
He added: “The stadium is performing well again during the current year and will benefit from the three Dermot Kennedy concerts in July. This concert business allied to the consistently strong attendances at the Munster Rugby games deliver significant economic benefits to Limerick and the Mid-West.”
The stadium company’s revenues of €1.52 million compare to revenues of €650,342 in 2021.
The revenue comprises €643,960 in licence fee income; €384,177 in rights income; €112,392 in hospitality and catering income; €44,409 in rental income; €15,333 in bar income and €320,908 in public events income.
€612,410 of the licence fee income was received from the Munster branch of the IRFU.
The firm narrowed its pre-tax losses from €1.1 million to €800,191 in the 12 months to the end of July last and the pre-tax losses take account of non-cash depreciation costs of €1.045 million.
The directors state that they are pleased with the success of the events hosted to date and the related stadium revenues.
The firm received a capital contribution of €1m last year and €468,575 in 2021. The €1m capital contribution last year consisted of €980,867 from the Munster branch of the IRFU and €31,427 from the IRFU.
The amount owed by the firm to the Munster branch totalled €24.05 million at the end of July last.
The firm received €27,374 in Government wage subsidy scheme payments last year and this followed €109,578 under the same heading in 2021.