Construction work on the new Cork Events Centre in Ireland could finally begin later this year after a funding deal was agreed to help finance the project.

The venue, which will cost approximately €73m ($90.4m/£65m), has been on the cards for some time now and a sod-turning ceremony took place two years ago this month. However, progress has been delayed as parties involved were not able to agree terms on a funding deal.

According to the Irish Examiner, a deal has now been agreed in principle for the funding plans, with the State to commit an additional €10m on top of the €20m it initially pledged

An announcement is excepted within days of a state investment package worth up to €10m to support public infrastructure around the site, while developer BAM and Live Nation, the proposed operator of the new venue, will also boost their private funding by as much as €10m.

Simon Coveney, Tánaiste and Deputy Prime Minister of Ireland, said: “It has been a frustrating and difficult process. I promised, last month, that we would find a new approach to get this project over the line. I am very confident, now, that we can provide the certainty that’s needed.”

BAM and Live Nation have also stated their ongoing commitment to the project, issuing their first public statement in almost 10 months on the issue to confirm their stance.

Theo Cullinane, chief executive of BAM Ireland, told the Irish Examiner: “Both BAM and Live Nation have worked together to increase the available funding and reduce costs. These initiatives, together with the necessary public funding, make it very likely that the project can now proceed.”

Image: CorkEventCentre Twitter