Yet another twist in the Punchestown saga
On Monday, as reported in Wed nesday’s Examiner, Horse Racing Ireland put together a rescue plan for the track to prevent it from closing.
The reasons given for the resignations are what are perceived as the insistence of the HRI that Punchestown increase its current debt levels. Speaking yesterday, Nick Bullman, chairman of Punchestown said: “The vice-chairman (John Ross) and I have worked hard to put a sensible proposal together with the HRI that would have ensured the long-term viability of racing and business at Punchestown.
“That would have meant a new 50-50 joint venture company with substantially reduced and sustainable financing commitments. However, that recommendation has been rejected in favour of an alternative HRI proposed deal.’’
