Wednesday 18 October 2017

Mulryan's Ballymore in race day sponsor return

Sean Mulryan Picture: Damien Eagers
Sean Mulryan Picture: Damien Eagers
Ronald Quinlan

Ronald Quinlan

Developer Sean Mulryan's Ballymore Properties is make a return to the world of horse racing with its sponsorship of the main race on the fifth and final day of this year's Punchestown Festival.

Mulryan, who has long been a supporter of Ireland's horse-racing industry, told staff last month that the company had formally exited Nama.

While Bord na Mona subsidiary, AES, is the principal sponsor of the race day itself, Mulryan's Ballymore had been responsible for the introduction of the festival's fifth day back in 2008. Prior to this, the Irish National Hunt Festival had been a four-day affair.

Ballymore's sponsorship of the fifth day would probably have continued had it not been for the onset of the financial crisis.

However, as some €2bn of his companies' €2.4bn in borrowings from Irish banks transferred to Nama, Mulryan's involvement in horse racing took a back seat as he and Ballymore focused on repaying monies effectively owed to the Irish taxpayer.

In a note to employees last month, the Roscommon-born developer informed them that the property group had exited Nama formally on December 21, having completed total gross debt repayments of €3.2bn over a six-year period.

The difference between that figure and the €2.4bn owed in 2009 is accounted for by interest payments and interest paid on loans advanced by Nama to assist with the completion of development projects.

Sunday Indo Business

Also in Business