China deals difficult to explain

The shock resignation of Michael O’Hagan from HRI comes after his courting of Chinese investors, writes Investigative Correspondent Conor Ryan

UNTIL Monday Michael O’Hagan had a key role in reconstructing the Irish thoroughbred industry. The market here has been overstocked since the recession. The boomtime reliance on builders and bankers to invest in racehorses has seen domestic demand collapse.

Attracting international money has been seen as critical to the industry’s recovery. It is hoped the professionalism and reputation of our breeding industry will offer enough capital to lever access to expanding markets.