Businessman JP McManus is to donate €40 million to community initiatives in the midwest in what is believed to be one of the largest single charitable donations in the history of the State.
The Limerick billionaire – he is tax resident in Geneva – recently announced the JP McManus Invitational Pro-Am would not be taking place next year.
Recent changes to the laws limit the amount of time Mr McManus can spend organising the charity golf tournament as he must spend less than 183 days a year in Ireland.
His decision to call time on the star-studded fundraiser was described as a major blow to charities who have benefitted from more than €100 million raised by pro-am events since 1987.
It is hoped these charities will now benefit from the €40 million fund announced yesterday, which will be chaired by Mr McManus’s daughter Sue Foley.
“We are hoping to support vital community efforts to provide better economic and social futures at grassroots level and upwards,” said Ms Foley, who lives in Croom, Co Limerick.
“By setting up this fund we would like to provide an opportunity to focus on the less fortunate in society and direct funds where they are most needed.”
The new fund is a once-off initiative and will be managed as a sole entity independent of any existing programmes sponsored by Mr McManus.