Losses mount at Limerick Greyhound Stadium

Pre-tax losses continued to mount at the firm that operates Bord na gCon’s controversial Limerick Greyhound stadium in 2013, figures show.

Losses mount at Limerick Greyhound Stadium

Accounts just filed show that the Limerick Greyhound Racing Track Ltd recorded the pre-tax loss of €243,271 in the 12 months to the end of December in 2013.

This followed the firm recording a pre-tax loss of €363,461 in 2012.

A report by the comptroller and auditor general last year raised serious questions as to whether the firm’s €21m stadium should ever have been built.

The report found that the stadium was given the go-ahead without the benefit of a capital project appraisal with the track’s profits based on 85% of those at Bord na gCon’s Cork stadium where income was rapidly declining.

Costs associated with the original site for the stadium totalled €2m and the value of the site was written down in the firm’s 2012 accounts to €150,000.

The accounts show that planning fees totalling €224,840 for the project were due for payment in 2013.

A note states that Bord na gCon has been in discussion with Limerick Co Council about a phased payment of these fees.

The note states: “To date, €47,000 has been repaid. Limerick Greyhound Racing Track Ltd has agreed to pay the remainder over a 19-month period with €9,360 being paid per month.

The directors’ report states that “in common with many other companies in Ireland, the company is facing increasing risks and uncertainties due to the current environment where the availability of consumer spending is reducing”.

The directors state that they are confident that the company can increase turnover and reduce costs in the coming year.

Numbers employed at the firm totalled 11 with staff costs reducing from €293,168 to €281,654.

The firm’s accumulated losses at the end of 2013 totalled €2.86m.

The firm’s cash during the year reduced from €68,371 to €4,450.

Separate accounts for the Bord na gCon’s Cork Greyhound Race Company Ltd show losses almost halved in 2013 going from €155,970 to €87,487 with revenues decreasing from €872,840 to €825,473.

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