Semi-state body with terrible track record

* The IGB undertook to build its new flagship stadium in Limerick on the back of a gentleman’s agreement.

Semi-state body with terrible track record

* This agreement was abandoned at a cost to the IGB of more than €5m.

* The IGB and the Comptroller and Auditor General recently reported that proper procurement rules were not followed in a number of cases.

* The decision to build the €23m stadium was done on the basis of an incomplete and ultimately inaccurate cost benefit analysis.

* Plans to sell three Limerick properties to help pay for the stadium have fallen through, just €1.5m has been recovered from a €10m projection.

* The IGB ignored the advice of its lawyers and engineer who wanted the terms of the gentleman’s agreement written down.

* It ended up paying €2.3m for engineering work it thought it was getting for free.

* €1.2m of this engineering work was done by a company owned by one of the shareholders in the firm that sold the site and abandoned the gentleman’s agreement.

* It paid €1.2m to licence a car park it was supposed to get for nominal rent.

* It also signed a supplementary agreement compelling it to buy the same car park outright for another €900,000.

* The company also set aside standard tendering rules and allowed the seller of the site to appoint its own project manager for the IGB development.

* The new Limerick track, opened in 2010, has been losing money and has been taking in at least €750,000 below target.

* The IGB is heavily indebted and has had to mortgage out more of its tracks to cover its AIB loan.

* In its recently published accounts, it said it can only run as a going concern with the continued €11m annual grant from taxpayers and an uptake in turnover at tracks.

* According to a letter sent to Mr Coveney its tracks lost €1.1m last year.

* The company was unable to pay a development debt to Limerick City Council on time.

* The semi-state body has been trading perilously close to its €25m legal debt limit.

* Cost-cutting measures have focused on reducing staffing levels and lowering prize money.

* Staffing cutbacks was blamed for compromising security procedures ahead of a €37,000 smash and grab raid in Limerick.

* A series of issues regarding the integrity of the racing system have been discovered but the company’s response has been inadequate.

* A meticulous race fixing scam was uncovered in Dundalk. IGB regulation investigators failed to discover it because they did not interview key witnesses or look for routine evidence.

* The scam was eventually uncovered in a report delivered by the company’s internal auditor and its head of compliance. These two senior staff members have taken sick leave since the board received their critical report.

* The IGB has now brought in external legal advisors to review the men’s report.

* A winning dog belonging to Noreen McManus tested positive for drugs but the test was quashed because the wrong label had been attached to the sample. An internal board battle broke out over the handling of the test.

* The test led to one director accusing the new chairman of blocking the inquiry into the McManus issue and called on him to resign.

* A parallel independent inquiry into the Dundalk fixing scam was thwarted and ultimately abandoned by the consultant charged with investigating it.

* The sport’s Independent Control Committee recently found that a dog was given drugs while he was in the care of the IGB hours before he contested the 2010 Derby and lost badly.

* The IGB spent two-and-a-half years fighting the trainer who had been accused of drugging the dog only to lose the case.

* It is facing legal and case costs in excess of €1m.

* The IGB has been put on notice that the owner of this dog, and his family, will pursue a High Court action for damages.

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