THE IRFU HAS confirmed the sale of 92-acre site in the Newlands Cross area of Dublin for €27 million.
In a statement, the union said it plans to invest the money into the grassroots levels of rugby in Ireland.
The IRFU crest. Source: James Crombie/INPHO
Real estate investment company Hibernia REIT has acquired the site, which the IRFU originally bought in the mid-1990s.
IRFU CEO Philip Browne stated that much of the €27 million sum the union received will go towards future-proofing the domestic game.
“The IRFU regards the delivery of a sustainable, long-term additional income stream for investment in the domestic game, for the benefit of clubs and schools, as one of its key priorities,” said Browne.
“The sale of the lands at Newlands, acquired by the IRFU between 1994 and 1996, has been identified for some time as imperative to delivering on this objective.
“It will now allow the Union the opportunity to progress investment options which will, in addition to securing a new realisable asset, produce an additional, long-term income stream to support further development of the domestic grassroots game on this island, in the decades to come.
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“It is also envisaged that a portion of the proceeds will be provided for new club and playing facilities development programmes.”
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