Horseracing board CFO on voluntary leave as PAC told of 'grave' financial matter

The Irish Horseracing Regulatory Board offices at the Curragh Racecourse in Kildare. Picture: David Fitzgerald/Sportsfile

The body with responsibility for the regulation of horseracing in Ireland has been rocked by financial revelations which has seen its chief financial officer taking voluntary leave with immediate effect.

At Thursday's hearing of the Public Accounts Committee (PAC), Irish Horseracing Regulatory Board (IHRB) chief executive Darragh O’Loughlin departed from his prepared opening statement to say that “within the last 48 hours" he had become aware of a "hitherto unknown issue... which caused grave concern".