Report says racehorse sector under threat

A report published today by the Irish Thoroughbred Breeders’ Association has claimed that the horse racing and breeding industry is under severe threat.

The report shows that this industry, which employed in excess of 22,000 people in 2008, is currently suffering deeply from the economic downturn.

According to the report, the volume of bloodstock sales has dropped by approximately 65% in the last two years. Foal production will fall by 35% by 2010. Employment levels in the industry have fallen by up to 20% this year, the report said.

"In the face of these negative trends, any further reduction in the relatively modest level of net State support to the Industry would be seriously counter productive, particularly when support in our main competitor countries, the UK and France, remains at a much higher level than that prevailing here,’ said its author, economist Alan Dukes.