The €7.5 million funding allocation for the new Limerick velodrome comes with a new 'use it or lose it' clause that should ensure the project progresses without long delays.
In the event that does not happen, the funding will be rescinded and Technological University of the Shannon and Cycling Ireland would need to reapply.
Funding for the 200-metre velodrome, and the multi purpose facility it will be part of, was awarded by the Department of Sports and Tourism under the Large Scale Sport Infrastructure Fund (LSSIF). A total of €173m was awarded to 35 projects and the money for the velodrome is about half the total cost of the facility.
"A new 'use it or lose it' clause has been introduced which will ensure that if there has been no drawdown of any part of a grant within 2-3 years - timelines may vary from project to project - or before a new LSSIF round is announced, the grant offer will be deemed withdrawn," the Department has said.
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Minister Martin said funding had been awarded to facilities for soccer, Gaelic games, athletics, basketball, rugby, hockey, swimming and water-based sports, cricket, golf; and cycling as part of "our strategy to enhance physical activity and well-being among the population".
"By investing in these significant projects, we are ensuring that everyone, regardless of their background or ability, has access to high-quality sports facilities," she said.
"This funding will help to create a legacy of sporting excellence in Ireland, inspiring future generations to engage in physical activity and pursue their sporting ambitions.
"Through this unprecedented investment, the government is establishing a foundation for a more promising future in sports and recreation, emphasising accessibility, sustainability, and community engagement."
