€100m redevelopment of the Curragh postponed due to economic downturn
Brian Lenihan’s recent budget saw the Horse and Greyhound Fund reduced from €76.3m to €69.7m for next year and cutbacks in racing were inevitable.
Horse Racing Ireland has already stated that prize-money, capital development and running costs are all under threat.
It became clear yesterday that the planned redevelopment of the Curragh was to be the first to suffer.
The Turf Club decided it was inappropriate to proceed at this time. The project will be kept under review with the intention of reinstating it once economic conditions become more favourable.
The €100m was to have been financed by grant-aid from HRI, industry donations, bank borrowings and from the Turf Club’s own resources.
Phase one has already been completed and it was hoped the second phase would be completed by July of next year.
Nick Wachman, senior steward of the Turf Club, said that everyone within the industry agreed that the best course of action was to postpone the redevelopment at this time.
The Curragh fixtures for late 2009 had already been allocated to other courses. The Turf Club and HRI will now meet to discuss those particular fixtures.
