"The purpose of the Voluntary ex ante transparency notice (VEAT notice) is to put those with an interest in the Event Centre process on notice of the changes being made to what was originally tendered in 2014.
"The key change is that Government/Cork City Council intends to provide €50 million in funding as a non-repayable grant and that a Special Purpose Vehicle (SPV) will be set up by the preferred bidder, BAM Construction and its preferred operator, Live Nation, for the sole purpose of developing and operating the Event Centre.
"This SPV will provide a minimum of €35 million in project funding for the development. Cork City Council has no role in the SPV.
"The finer detail of the funding agreement will be signed off over the coming months."