Phoenix Article On Stadium

PHOENIX ARTICLE

Congratulations to busy property developer and National Gallery board member, Bernard McNamara, who cropped up in the Superquinn takeover consortium last weekend. He is also a central player in the unfolding Shamrock Rovers stadium saga out in Tallaght where South Dublin County Council (SDCC) announced this week that it was to repossess the controversial lands.

The Shamrock Rovers stadium saga has been running for some time but what makes it more than a sports story is the involvement of eager property developers who clearly realise the potential for the site, with or without a stadium. The zoning, for example, allows for leisure and retail activities. In recent weeks, the most controversial figure to have emerged is a little-known property developer by the name of Conor Clarkson who has, apparently, pledged big bucks to the Hoops.

His involvement has failed to impress SDCC, however, judging by comments from the Council when it controversially refused to extend the planning permission for the half-built stadium shortly before Christmas: "The precise nature of interest, and of the relationship between the club's new investor, Conor Clarkson, and the applicant, Shamrock Rovers, is not explained."

Part of the problem stems from the complicated nature of the leases involved in the high-profile site. While a company controlled by Shamrock Rovers, Slonepark Ltd, did receive ?2 million in capital grants from the Government towards the building of the stadium and while the football club is ostensibly a tenant of SDCC, the water is muddied by the presence of a company called Mulden International Ltd.

Even at this late stage it is not clear exactly how Mulden got involved but this private company not only holds a 250-year lease on the 13-acre site but also holds an option on a second strategic site where car parking for the stadium is planned. This option has in the past scared away investors in the football club because of the potential implications for any development.

The two biggest shareholders in Mulden turn out to be Bernard McNamara and another high profile property developer, Jerry O'Reilly, with 40 per cent each. The balance is spilt between former Radio Ireland investor, Brian Kearney, and Dara Kearney, both of whom first got involved in trying to develop the Tallaght site back in the mid-90s.

Brian Kearney was also at one stage a director of Slonepark Ltd but resigned in 2002. In 2000 Mulden International acquired a long-term interest on the 13-acre site from SDCC, along with the option on the ?car park' site to the south. Three years later Mulden leased the stadium site to Slonepark and it was only at this stage that it turned out the principals in Mulden included property developers, McNamara and O'Reilly.

These boys now effectively hold Shamrock Rovers to ransom but this week SDCC announced it is to repossess the lands to facilitate the stadium project. While the land leased to Slonepark may not prove a problem, it is hard to see the Mulden boys giving up their interest without a hell of a fight.
:D :D :D