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Published 16:04 13 Feb 2017 GMT

The decision to close Harold’s Cross was primarily a financial one, with the IGB admitting that they have been struggling with a legacy debt burden of over €20 million since the completion of the Limerick Stadium project at a cost of €21 million in 2011.
The IGB say that there is no alternative to selling Harold’s Cross to realise its asset value, a recommendation made in the Indecon Report, commissioned in 2014 by Government and accepted by the Board of the IGB.
Unless the debt issue is addressed, they say, no viable future exists for the industry and the sale of Harold’s Cross offers the most significant opportunity to reduce that debt.
The IGB statement can be read in full here.Explore more on these topics: