The Football Association of Ireland's negotiating team will meet representatives of Davy Hickey Properties by the end of this week in an attempt to put in place the funding required to proceed with the construction of Eircom Park.
Having conceded that the association would have to borrow about £56 million if it was to proceed with the project, the association's chief executive, Mr Bernard O'Byrne, said yesterday that he had spoken to Mr Brendan Hickey and expected an initial meeting to take place over the next couple of days.
"We have some work to do to establish exactly what it is that they are offering," he said. "But they are familiar with the template of the project and so the thing now is for us to sit down with them and see what is being put on the table."
Mr O'Byrne confirmed the company was the only outside party to express a firm interest in the project, the construction of which had previously been intended to cost £68 million. All of that was to have been paid through advance sponsorships and corporate sales. He insisted, however, that if the two parties could not agree a basis for a partnership, he had other ideas on how funds might be raised.
One possible source of funding would be through Deutsche Bank, which has been involved in the project since its launch two years ago but is not underwriting the scheme.
The association's treasurer, Mr Brendan Menton, said clarification of whether Deutsche Bank would be able to raise the money was requested on Tuesday. There was further trouble between Mr O'Byrne and Mr Menton yesterday after reports in several newspapers that the treasurer was to meet the Government in an effort to ascertain what incentives might be available if the FAI was to drop its own plans and move into Stadium Ireland. These reports drew threats of legal action from the association.
Mr O'Byrne and the FAI's president, Mr Pat Quigley, said in a statement that any meeting undertaken by Mr Menton would be in a personal capacity because the association had a policy against meeting government.
This was last night disputed by Mr Menton, who claimed that "we had policy that the stadium would be 100 per cent owned by the FAI going into Tuesday and yet it was agreed that we talk to Davy Hickey".
