Ed Sheeran concerts help Thomond Park firm to almost triple revenues

Gordon Deegan

Income from Ed Sheeran concerts at Thomond Park in Limerick last summer helped to almost triple revenues at the stadium firm to €1.52 million last year.

The stadium hosted two Ed Sheeran gigs last May, and accounts for Thomond Park Stadium Co DAC show that the business received €320,908 in “public event income” in 2022 while hospitality and catering income soared.

Separate figures from trade industry journal Pollstar said that the two Sheeran concerts in Thomond Park generated $5.19 million (€4.71 million) at the box office after selling 61,780 tickets.

Thomond Park’s stadium director John Cantwell said on Thursday: “We are very happy with the financial performance of the stadium for the year 2021/22, as it was important to bounce back from the negative impact on business caused by the Covid pandemic during the previous two years.

“The positive performance was definitely boosted by the welcome return of big concert business to the stadium. The Ed Sheeran concerts in 2022 not only generated an important revenue stream but also reinforced the reputation of the stadium as a superb venue for music events.

“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 midwest region.”

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. The figures show that €612,410 of the licence fee income was received from the Munster branch of the IRFU.

The firm narrowed its pretax losses by 27.5 per cent from €1.1 million to €800,191 in the 12 months to the end of July last year, and the pretax 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 €1 million last year and €468,575 in the prior year. The €1 million 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 year.

The firm received €27,374 in Government wage subsidy scheme payments last year, and this followed €109,578 under the same heading in 2021.