Scandals involving the National Stud laid bare in ‘enthralling’ book

THE National Stud needs new rules of governance to avoid further controversies over its business dealings, former finance minister Alan Dukes has said.

Speaking at the launch of a book on the Stud by Irish Examiner Investigative Correspondent Conor Ryan, Mr Dukes said governance at the semi-state organisation was in need of overhaul.

“One of the things that is clear from this [book] is that if you’re going to have a state-owned entity with high-profile people on the board who are involved in the business, you need special rules of governance to deal with the complications that can arise from that,” said Mr Dukes.

“And without criticising anybody, I can say that the National Stud does not have the necessary rules of governance to deal with that, and that’s been a problem down through the years at various times.”

The book, Stallions and Power: The Scandals of the National Stud, comprehensively explores the history of the semi-state organisation.

It charts both the successes — the stud being the nursery of some of the greatest thoroughbreds ever to take to the track — and the controversies, including high-profile court cases and destructive boardroom battles over money and influence.

The book also reveals the personalities behind the power, from the Stud’s founder, Colonel William Hall Walker, who trained horses according to astrological theories, to Lady Chryss O’Reilly, who has been in the chair in recent turbulent times.

It also documents how the Stud found the money to survive down through the decades, including how it won support from controversial politicians, was at the centre of enormous money-spinning deals, benefited from lucrative land sales, and looked to taxpayers for millions in additional support.

Mr Dukes, who lives less than a mile from the Stud and has had a lifelong passion for the horse racing industry, said the book was a “really enthralling read”.

“Breeding is where it all begins and the Irish National Stud has been a major player in the success of the Irish thoroughbred sector since its formation in 1946,” he said.

“For all that, it is a strange animal. It is a state-owned enterprise with often arbitrary limits on its funding capacity, operating in competition with highly efficient and often highly geared private interests.”

Earlier this week, Agriculture Minister Simon Coveney confirmed that the Stud is to remain in public ownership, but said a revamp of its boardroom would continue.

lThe book is published by Hillgate Publishing and is available now. Further details available from hillgatepublishing.ie