Limerick directors resign over issues with IGB
The three local directors, Tom Ryan, Dave Casey, and Richie Crehan, resigned last week after decisions made at the track were overturned by the IGB.
The track’s chairman, Brendan Moore, also relinquished this role but remains a director of the IGB.
As well as tendering his resignation, Mr Casey has also withdrawn the sponsorship his company, Limerick Brakes, provided for events at the track.
He said the parent board had given unsatisfactory answers to questions it was asked.
“Basically, it seemed that whatever we as a board decided to do in Limerick could be changed at a whim by track management or by the IGB,” said Mr Casey.
The Limerick track had a board of 14 members, including dual directors of the main company.
However, the track has been struggling to attract crowds since it moved from its traditional home at the Markets Field to the new national headquarters on the outskirts of the city in 2010.
Operating losses doubled in 2011 despite original profit projections that expected the €23m facility to generate surpluses in excess of €500,000 a year.
Furthermore, the financial arrangements the IGB made when moving the track in 2010 has left the company in a difficult debt situation.
Efforts had been made to develop partnerships with local owners and breeders to help secure the survival of the track.
The company said it had no comment to make on the resignations.
