Losses at greyhound racing firm double to €325k

The loss of almost €1m by a Bord na gCon-owned Limerick greyhound racing company on the sale of its former stadium last year resulted in losses more than doubling at the firm.

New accounts filed with the Companies Registration Office show that losses at the Limerick Greyhound Racing Track Ltd last year increased by 153% from €128,401 to €325,983.

However, a spokesman for Bord na gCon said last night that tote revenue is not included in the accounts and if those revenues were factored in, the firm would have recorded a profit of €167,000 for the year.

The accounts show the firm sold the Markets Field in Limerick for €1.5m in 2011. The book value of the property was €2.434m resulting in the loss of €934,000 on the sale. The company returned to Bord na gCon €1.49m from the sale leaving a balance of €772,533 that was released to the firm’s profit and loss account.

The firm took a further write-down of €368,254 on its ill-fated plan to construct a new stadium in Meelick in Co Clare.

This followed it previously writing off €281,582 in design fees for the abandoned plan.

In Oct 2010, a new €18m, 3,000 capacity greyhound stadium in Limerick was opened by the company. The stadium’s first full year of operation contributed to revenues almost doubling from €382,659 to €704,882.

The figures show that before exceptional items, the company’s losses increased from €128,401 to €164,496. As a result of the losses, the firm paid no corporation tax last year.