Aviva stadium company enjoys Taylor Swift and Pink dividend as operating profits increase to €7m
The company that operates the Aviva Stadium last year enjoyed a Taylor Swift and Pink dividend as it recorded operating profits of €7m.
New accounts filed by New Stadium DAC — jointly owned by the IRFU and the FAI — show that the operating profits of €7m last year were up 6% on the operating profits of €6.58m in 2023.
Around 150,000 Taylor Swift fans packed into the Aviva across three sold-out nights on June 28, 29 and 30 last year as part of the mega-star's European leg of her $2bn ERAS tour.
Earlier in June of last year, Pink sold out two nights at the Aviva and according to figures from trade industry journal, Pollstar the two gigs generated a combined box office of $13.4m after 101,388 fans paid to attend.
Last August, revenues for the Aviva Stadium firm were boosted by the American college football game featuring Georgia Tech and Florida State University.
This coming June, concerts by Dua Lipa and Lana Del Rey will add to the revenues of New Stadium DAC.
The new accounts show that operating profits were up as the stadium generated €9.2m in licence fees from the IRFU and the FAI during 2024 and this was a 15% increase on €8m paid out in licence income by the two shareholders in 2023.
There was €1.3m due from shareholders at the end of December last.
Naming rights for stadium
The sporting entities pay the fees to New Stadium DAC for matches staged at the Aviva which also generates income from catering contracts while a sizeable chunk of the company's revenues would come from naming rights for the stadium.
In 2010, Aviva bought the naming rights for a reported €40m over 10 years — or €4m a year — and extended the deal in 2018 to 2025.
The deal agreed in 2018 came into effect in 2020 and a note attached to the New Stadium accounts states that the company's share of its naming rights income is released to the profit and loss account each year.
Last year, New Stadium Ltd again paid out no dividend to its shareholders.
The stadium company recorded a pre-tax loss of €2.33m which was down on the the pre-tax loss of €3.15m for 2022.
The pre-tax loss last year takes account of hefty non-cash depreciation costs of €9.36m.
The company pays the IRFU €750,000 each year for the rent of the stadium land.
Static staff costs
The number of employees employed by the stadium firm remained at 18, while staff costs also remained static at €1.8m.
The accounts were signed off by the CEO of the IRFU, Kevin Potts and FAI CEO, David Courell on May 7th.
The firm's shareholder funds stood at €141.2m made up of a share premium of €58.1m, capital contribution of €134.37m offset by accumulated losses of €51.24m.
The firm's cash funds increased from €3.13 to €3.37m The company's fixed assets had a book value of €274.75m at year end.
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