Finn harps FC have provided an update on the club’s ongoing plans to develop a new state-of-the-art stadium.
The long-running plan to leave Finn Harp and develop a new ‘Donegal Stadium’, costing €8 million in nearby Stranorlar, has been beset by delays in recent years.
But the project has gained fresh impetus in recent months – and last Sunday’s open meeting in the Villa Rose Hotel in Ballybofey, outlined the state of play – and the pressing need to fill the funding shortfall of €1.5 million for the project.
The new stadium will now be a hybrid design to reduce costs. This means that the main stand structure currently on the new site will be completed and three modular-built stands will be added (a seated stand opposite the main stand and two covered terraces). The new design is very similar to that of Salford City’s ground which has been hailed for generating a fantastic match night atmosphere. The new project cost has been set at €7.3m.
There is funding of €5.8 million in place from grants. These are made up of €4.7m from the LSSIF government grant, two €0.5m grants from both the Donegal County Council and the FAI. (These two are to be paid out over 3 years and 10 years respectively. The club has secured financing from the Western Development Board to front these) There is also €126k remaining on a Sports Capital grant for design fees.
The grant money pledged must be match-funded by 30%. This leaves a gap of €1.5m between the project cost-€7.3m and the grants-€5.8m. The major challenge is the fact that this money needs to be in place up front in order to proceed with the build. Negotiations are well under way with community finance bodies to provide bridging financing options to help fund this gap.
Harps are looking to buy the new stadium site from Donegal County Council at a projected cost in the region of €200,ooo.
By securing the site, and with around €1m of work already done on the existing main stand structure, the new stadium site can then be used as collateral to secure the bridging finance.
Club officials told supporters at last Sunday’s meeting that significant fundraising is now necessary to cover the purchase of the land, to cover the interest costs of the financing and to reduce (or if possible) eliminate the funding gap.
When the new stadium is operational and is licensed to host League of Ireland games, ownership of the new stadium will be transferred to the Finn Park Trustees to be held in Trust in the same way as the current Finn Park has been. Once the transfer is complete, ownership of the current Finn Park can be transferred to the club and the old ground can then be sold to pay off the debt on the new stadium.
Crucially, the club has secured a Sports Body Tax exemption meaning that anyone donating €250 or more to the project (either in one transaction or cumulatively) can fill out a simple tax form alongside which will see their contribution increased by up to 45% through a tax rebate.
This would turn a €250 donation into €362.
The club aims to source donors who can have their name permanently inscribed on a Patron’s Wall for a donation of €1,500 (which equates to over €2,100 with the tax exemption applied). This will be initially limited to 100 donors.
Feedback from a survey of the club’s supporters base, conducted over the past few weeks, was shared with the meeting.
100 people responded to the survey (35 are shareholders; 39 are season ticket holders; 33 are 500 Club members; 78 are regular match attendees; 21 support Harps from outside the area; 12 are Harps fans but not match attendees and 3 are fans of other clubs.
The key findings of the survey were-
– 96% said that they support the club’s plan to progress the stadium project.
– 92% supported the fundraising plan which includes the sale of Finn Park.
– 78% supported the idea of an annual membership fee being introduced for shareholders
On membership it was explained that the club would return to this following further discussion and feedback from fans. People were invited to join a working group to ensure that this was implemented as fairly as possible and in strict compliance with ICOS requirements to which the co-op is bound.
The urgency of the situation was also outlined:
– The multiple issues with Finn Park including the limitations of the site around footprint and flood barriers, most elements in the ground being near end of life or having significant issues including the stand, clubhouse, gantry and lights.
– It was explained that the derogations Finn Park has been receiving for a significant number of years now are being entirely based on the new stadium project being realised. If there is no new stadium, senior football will cease.
– Furthermore, building costs are rising, but the grant aid we have been allocated remains static.
– Finally, football is on the up, our loyal and vibrant fanbase with a huge number of kids, our fantastic players and volunteers, our region and community as a whole, all deserve a proper football facility.
– Fundamentally, it’s do or die if we want to stay in senior football.
Harps have set up a donation link for fans and club connections who may wish to make a donation here.
