Today in the press

Wednesday 27 August 2014 09.18
Today in the press
Today in the press

TRUMP PAID €8.7M FOR DOONBEG – The Irish Independent reports that US billionaire Donald Trump paid €8.7m for the luxurious Doonbeg golf resort in Co Clare, according to filings made to the Companies Office.

The high-profile resort was sold in February to Mr Trump by receivers for the property.

A report just filed by the receivers - David Hughes and Luke Charleton of accounting firm Ernst & Young - shows that the proceeds from the sale of the exclusive golf destination amounted to slightly more than €8.7m.

It had been speculated that Mr Trump had paid around €15m for the property, which had been developed at an initial cost of €28m when it opened in 2002.

The sale to the businessman did not include a number of luxury suites that had been sold to investors during the boom and leased back to the hotel. 

They bought those suites as investments, expecting to generate annual rental income and capital appreciation. Some 47 suites had been sold to investors at prices ranging between €1.2m and €1.8m.

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BOI RENEWS LEINSTER RUGBY SPONSORSHIP – The Irish Times reports that Bank of Ireland has renewed its sponsorship with Leinster Rugby for the next five years in a deal believed to be worth close to €6 million.

The breadth of the sponsorship has been increased dramatically, with nearly €1 million to be provided over the five years to promote the amateur game across the province.

This will cover all grades, from under-eights mini-rugby to senior adult competitions and the women’s game. It will also result in the bank sponsoring the Leinster senior and junior schools cups when their existing deals expire.

This element of the sponsorship also includes support for development officers, coaching materials, equipment and the coach development programme across the province.

Details of the sponsorship will be announced this morning.

The bank’s current deal with Leinster was due to expire at the end of this coming season, and it had until October to renew its deal before it went to the market. The sponsorship will now run until June 2019.

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PROVIDENCE PROGRESSES BARRYROE DEVELOPMENT – The Irish Examiner says that Providence Resources is understood to have reached the stage where it is finalising commercial terms with potential development partners for its highly-anticipated Barryroe oil field off the Cork coast.

The Irish explorer has been looking to farm out around half of its 80% stake in Barryroe for a year or so, but has largely been hampered by a drying up of deal interest in mainstream European exploration assets. 

However, despite hinting at frustration at the length of time the Barryroe farm-out has taken, Providence’s management said at the company’s AGM in Dublin yesterday, that discussions were ongoing, that a good level of interest had been shown by international parties — and the conclusion of a deal remained the board’s chief focus.

Speaking after the meeting, chief executive Tony O’Reilly Jr said that: “Providence envisages a return to drilling at Barryroe next year, with first oil flow expected by the end of 2017. He added that a farm-out deal should be finalised in the “very near future”.

Drilling at the Spanish Point South prospect, off the west coast, which Providence co-owns with Scottish explorer, Cairn Energy, should now take place in the second quarter of next year. This had been due to be the only drill action in Irish waters this year, but was delayed due to lack of rig availability.