Approval has been given for a new limited company to look after the infrastructural side of developments at Finn Harps – namely the planned new stadium in Stranorlar – following the club’s annual general meeting.
This was one of the most significant aspects of the agm where the accounts for 2024 were presented.
According to Aidan Campbell, Commercial Officer at the club, this new departure will have financial and tax advantages.
Indeed, for example, it has been estimated that this could lead to a VAT saving of around €900,000 on the new stadium.
The club is currently awaiting planning approval for revised plans that were submitted to Donegal Co. Council in the autumn, and while there are still many hurdles to be overcome, club officials are optimistic that the long talked about new stadium will be come a reality.
Mr. Campbell added that a dedicated project officer will be needed to look after the project.
Club co-op members were informed that without the new company – which will be known as Finn Harps Academy CLG – “the stadium and centre of excellence cannot be funded”.
The new legal entity will also look after community assets and while aligned to the club will operate independently.
The financial accounts for the year ending December 31st, 2024, revealed that Harps had an operating deficit of €96,627. However, this was well down on the 2023 losses of €145,353.
Gross income at Harps was heading towards the €1 million mark. The figure of €929,456 was up €78,358 on the previous year.
Harps spent a total of just over €207,000 on wages and salaries, while the first team management and coaching staff were paid just under €105,000 for the year.
Gate receipts were just under €130,000, down slightly, and season ticket sales were also down.
On the plus side, merchandising revenue rose sharply by €32,060 to a record high of €73,737.
The academy’s income was up significantly as well, reaching almost €92,000.
Interestingly, donations amounted to a healthy €76,083.
Meanwhile, the club’s shareholders’ deficit at the end of 2024 stood at more than €510,000.
Details of the proposals to set up the new company were publicised by the club in November, when it stated that Finn Harps Academy CLG “will ultimately be responsible for the enhancement of the stadium, the academy, health and wellbeing activities, inclusion programmes, disability access, and ensuring Donegal has a modern multi-use facility for football and community sport.”
The CLG structure allows:
- Proper governance, transparency, and long-term continuity
- The ability to borrow or raise finance without risking the football club’s operational budget
- VAT registration and ability to reclaim VAT on construction — a multi-million-euro financial difference
- A structure eligible for grant funding that requires specific governance conditions
- The stadium to be treated as a community facility, not just a football ground
- All future Academy funding to be directed into and administered by the CLG
