Greyhound Board may have to sell tracks to cover debt

The Irish Greyhound Board has been warned that its growing debt levels are not guaranteed by taxpayers and it would have to sell tracks if it cannot meet repayments.

The IGB incrementally increased its bank debt by €13m to more than €23m after it was granted approval by the Department of Finance to draw down additional loans in early 2009.

Due to a host of financial issues, the IGB has recently been working with lender AIB to restructure this debt. The loan was taken on an interest-only basis until 2016.