STATE-OWNED Anglo Irish Bank is trying to sell its corporate box at Croke Park in Dublin in an attempt to reduce the lender’s overheads as part of its cost-cutting strategy.
The bank has had the box for about nine years, using it to entertain clients during GAA matches and Six Nations rugby games.
Leases on corporate boxes at Croke Park range in price from €160,000 for periods of five years to about €294,000 for 10 years. Anglo’s hospitality suite is priced at the higher end of the scale and accommodates 33 people. There are 87 corporate suites at the stadium.
Anglo is hoping to sell its box before the lease expires as there is a waiting list for boxes and current owners have the right to renew. A spokesman for the bank declined to comment. The nationalised bank, which has so far received €4 billion in taxpayers’ money, cancelled all corporate sponsorship after it was taken into State ownership last January.
Among the high-profile sponsorship deals to be cancelled was the bank’s support for the Novice Hurdle at the Cheltenham racing festival in England. Minister for Finance Brian Lenihan said earlier this year the bank would not be involved in any further corporate sponsorship.
The bank decided not to host any events in its corporate box at the Ireland-England Six Nations game at Croke Park on February 28th after public criticism for entertaining guests after the nationalisation of the bank at the GAA football league game between Dublin and Tyrone on January 31st and at the Ireland-France rugby game on February 7th.
A spokeswoman for the bank said at the time that the bank was “particularly mindful of the current economic conditions” and that the new board of the bank would review its corporate hospitality.
“The bank’s activities in the area of corporate hospitality take into account several factors, including the value of clients’ relationships with the bank, the form and costs of such hospitality, as well as the bank’s existing arrangements and the subsequent responsibilities to our suppliers,” said the spokeswoman.
Anglo offered some of the most lavish client entertainment of any Irish company, hosting customers at various domestic and international sporting events, including English Premier League games and American football and baseball games, as well as on golf and skiing trips.
The GAA has said that it remains upbeat about the ability of companies to renew their hospitality suites, despite some corporate boxes being empty at rugby games this year. The organisation is optimistic about the timetable of renewals over the next five years as boxes will become available in descending order of popularity, with the most sought-after suites in the Hogan stand due next year, the Cusack in 2012 and the Davin in 2014.