Greyhound Board aims to restore fortunes

The embattled Irish Greyhound Board has announced a plan to reorganise the company and turn its fortunes around before its debt problems come to a head.

It believes new structures, a doubling of sponsorship revenue and making betting products more available will improve its income streams significantly by 2017.

The company, which is heavily in debt and has been blighted by integrity issues, has proposed a new internal reporting structure.

The five-year strategy, prepared by independent consultants, said the current system has 16 management heads reporting directly to chief executive Adrian Neilan. This, it said, was inefficient.

“This is poor use of the CEO’s time and a major reason why the IGB can appear to move slowly and also why issues can fester and become public before they are addressed or an effective PR response developed.

“The proposal is that a new executive be established to manage the IGB. The executive will consist of five direct reports to the CEO covering the key areas of the organisation. Additionally, he will also have the head of HR and the internal auditor reporting to him,” it said.

Currently the internal auditor is on extended sick leave after he and a colleague finalised a scathing report into a race fixing scam in Dundalk.

The report said the management team at the company had to be seen to be “responsive, understanding and accessible” if it was to succeed in improving its reputation.

The chief executive’s function is in the spotlight as Mr Neilan’s contract is running out.

The board has asked Agriculture Minister Simon Coveney to relax the rules for the commercial semi-state sector which prevent his reappointment.

The five-year plan also revealed that there are plans to announce a major new sponsor for the controversial Limerick stadium. Selling the naming rights to the stadium had previously been investigated but no deal was done.

The company’s finances have been under scrutiny by the Department of Agriculture in recent years after its bank debts rose to nearly €25m following the construction of the new stadium in Limerick.

Its debts are on an interest only basis until 2016 after which it will be faced with annual installments of more than €4m.

However, the plan said it can more than double sponsorship revenue from €900,000 and it can raise its tote incomes from €21m to €28m.

It expects to make its product more accessible through mobile phone betting apps and strategic partnerships with late-opening betting shops.

The plans wants prize money to be increased along with the number of top class dogs racing.