The GAA have confirmed that the final long-term debt figure for Páirc Uí Chaoimh will be approximately €20 million.

Writing in the GAA's financial report for 2019, which reveals record revenues of €73.9 million for Central Council, the organisation's director general Tom Ryan said that the Cork stadium's final redevelopment cost figure is "reliably projected" to be €96 million, although that cost has not been fully finalised.

Early cost projections had initially set the project at €78.5 million.

"The anticipated resolution of various ongoing negotiations and the sale of assets will leave an underlying long-term debt in the region of €20 million," Ryan confirmed in the report, which outlines bank borrowings for the project of €21.5 million, while there is a €10 million debt owed to the GAA.

GAA president John Horan alongside, from left, Director of Finance of the GAA Ger Mulryan, Ard Stiúrthóir of the GAA Tom Ryan and Commercial Director of the GAA and Croke Park Stadium Director Peter McKenna 

"Primary responsibility" for repaying the debt figure lies with Cork and the Páirc Uí Chaoimh company subsidiary.

The newly-refurbished 45,000-seater stadium staged its first All-Ireland Championship games in 2017, with delays and pitch issues blighting the project.

Speaking to RTÉ Sport, Ryan expressed confidence that Cork GAA will be able to meet their debt obligations.

"I've no doubt at all that it's going to be hard work for Cork," said the director general. 

"We'll support them nationally. We'll work with them on their business plans and we'll help with their fundraising and so on.

"But I've no doubt at all that Cork will be able to live up to their obligations."

As a result of the challenges posed by the Páirc Uí Chaoimh project, the GAA adds that they will "change how future capital projects are managed" and that in future they will be "controlled centrally with appropriate oversight".

Consequently, they are not planning to increase their initial financial commitment to another stadium project as it stands.

The long-delayed Casement Park stadium project in Belfast is currently subject to a second planning application.

There may be movement on the issue in the near future following the restoration of Northern Ireland's executive at Stormont, with the GAA viewing that political development as "welcome".

However, the organisations acknowledges that potential costs of developing the stadium project "have doubtless increased significantly" since the initial NI Executive's budget approval dates from 2010-11.