Horse racing industry gets a €200m boost
Of that figure, €110m will be provided by the government in grant aid, with the remaining €90m financed from the racecourses’ own resources.
It is the second Racecourse Capital Development Fund to be launched in the last three years and €70m of the government’s contribution will be poured into the country’s two flagship courses at The Curragh and Leopardstown.
Galway, Punchestown and Fairyhouse will divide up the remaining €10m with a further €20m being allocated to Category One and Two tracks such as Gowran, Listowel, Ballinrobe and Clonmel.
Horse Racing Ireland (HRI) chairman Denis Brosnan claimed the monies towards upgrading existing facilities were essential if the sport was to build on the growth of recent years.
“This new fund is double the size of the first Racecourse Capital Development Fund,” he said. “It is essential that we encourage all racecourses to develop high quality facilities. The sporting public enjoys first class facilities at Croke Park and shortly will have the same standard at Lansdowne Road. We must plan to match these at Irish racecourses.”
Brosnan and the Minister cited the recent Indecon Report on the horse racing industry to justify such a substantial grant from government, saying consumer expenditure in 2003 was over €110m with €227m generated by on-course betting turnover.
“I would also like to draw attention to the fact that another €40-€50m extra is also being invested by racecourses which does not qualify under the fund,” said HRI Chief Executive Brian Kavanagh.
Yesterday’s announcement was warmly welcomed by the chairman of the Association of Irish Racecourses Jerry Desmond.
“HRI have been able to set out this ambitious plan for the future of Irish racing primarily because the Minister has, through the provisions of the Horse and Greyhound Racing Fund, given the basis for proper long-term planning.
“The result will be a transformation of Irish racecourses over the five years, with employment growth and wealth generation spread throughout the regions.”
The first of the monies from the new fund were yesterday released for the upgrading of courses at Navan (€8.1m) and Ballinrobe (€2.5m) where new weigh rooms, bars, restaurants and public facilities will be built.
A figure of €10m has been set aside for the proposed all-weather track at Dundalk but that is dependent on the Louth racecourse being able to raise finance of their own towards the project.
“Our best estimate is that it will cost €18m to build a Grade One all-weather track at the racecourse,” said Brosnan.
Dundalk, therefore, needed to put forward €8m themselves, he said.
“This must be a track where the Dermot Welds of this world will want to race. I have spoken to Dundalk and they are confident that they can put it together.”
