Irish racing in danger of losing top status if more investment not forthcoming
That was the unambiguous message issued by Turf Club Senior Steward Roderick Ryan at the annual Moyglare Dinner in the K Club on Saturday.
Ryan argued that an influx of funding was needed to provide facilities appropriate to the quality of racing and stimulate a new era or prosperity in the industry.
“The question that Ireland as a country must ask is do we wish to have a racing and breeding industry that continues to be amongst the leaders in the world, and if so, what must we do to achieve that?” said Ryan.
“Currently we are fortunate in that on a regular basis we see the equine equivalents of Messi and Ronaldo competing here week-in and week-out, except not at facilities equivalent of the Bernabéu or the Nou Camp.
“We cannot take this for granted and without investments in both facilities and prize money, we risk our industry becoming the equine equivalent of the League of Ireland, where we produce many good home players but they all get exported.”
Ryan urged the stakeholders within Irish racing and breeding to be more vocal about the benefits surrounding the thoroughbred industry.
These, he said, included employment, strong export earnings, direct foreign investment to farms, breeding stock and racing stables, tourism spin-offs and a spin-off to the Exchequer in the form of tax and other receipts.
He also pointed out that the Dukes Report identified the sector as comprising more than 1% of the nation’s GDP.
Ryan noted that the government provided stimuli and incentives to other industries through IDA Ireland, Enterprise Ireland, Science Foundation Ireland and other organisations but that “our industry… relies exclusively on its own wits and the Horse Racing and Greyhound Fund. Further, our industry no longer has any special tax incentives.”
He acknowledged Minister Coveney’s support to racing and looked forward to the enactment of the Betting Amendment Bill, but with Ireland generating the lowest percentage return from betting of any major racing nation, more was needed.
“I fail to understand how a rate that is markedly lower than all major international comparators, or markedly lower than the equivalent rate of VAT in the domestic economy, can be justified in a domestic context” said Ryan of the proposed rate.
“Clearly the rate has to be set at a reasonable rate but the current rate is not reasonable.”
Investment in upgrading facilities was vital to attract more racegoers, particularly for flat racing, claimed Ryan.
He said that the Turf Club and Horse Racing Ireland had made significant cuts in costs as a result of the Indecon report and would be looking at making more savings.
The fact that the redevelopment of Curragh Racecourse was back on the agenda was a step forward and he hoped that the necessary financial aid would be provided to modernise the headquarters of flat racing in Ireland.
“(Curragh) is dated and now ranks well behind major international racecourses, not to mention major sporting facilities in Ireland such as Croke Park and Lansdowne Road.
“We are working with prospective donors and are in discussions with HRI about bringing this project to fruition. Our preliminary calculations suggest that any HRI grant would be virtually recouped by the Exchequer in terms of VAT, PAYE and other benefits.”
The Turf Club will shortly begin the process of procuring consultants for the design and planning phase of the project .
