New company to oversee €65m redevelopment of the Curragh
While the track is known as one of the best in the world and Ireland is a global leader in all aspects of the thoroughbred industry, the facilities at flat racing’s headquarters had fallen behind.
Minister for Agriculture, Food, the Marine and Defence Simon Coveney was at the track yesterday to announce “one of the most significant investments that Irish sport will have seen in many years”, and the establishment of Curragh Racecourse Limited, under the independent chairmanship of former ESB chief executive and current chairman of Eir, Padraig McManus.
The nine-member board will reflect the key stakeholders, with the Turf Club, semi-state body Horse Racing Ireland and a group of private investors each owning a third of the company.
Following consultation with local interests, it is hoped that planning permission for the revamp will be approved before the end of the year.
Racing will continue throughout and the aim is to have a new grandstand, entrance, museum/exhibition area, café bistro and parade ring in place by 2018.
Private investment has been provided by individuals with a long-standing history of involvement in the Irish thoroughbred industry as owners, patrons and breeders. Securing further private sector funding has not been ruled out.
At present, those committed to bankrolling the development include the Aga Khan, Coolmore trio Michael Tabor, Derrick Smith and John Magnier, Godolphin boss Sheikh Mohammed, Moyglare Stud supremo Eva-Maria Bucher Haefner, and renowned racing personality, JP McManus.
One of the most notable aspects of the new company is the partnership involving the Turf Club and HRI, given the acknowledged friction between both bodies in recent years with Minister for Agriculture, Simon Coveney aiming to push through legislation streamlining the governance and administration of Irish racing.
The Horse Racing Ireland Bill has been approved by cabinet and is expected to go before the Dáil within the next week.
“If I was to say to you that negotiations were very easy, you wouldn’t believe me so I won’t tell you that,” said McManus at the announcement of details in the Curragh yesterday.
“But what there was, was an absolute determination to make this work.” Minister Coveney moved to assuage any concerns that the Turf Club in particular might have about its future role, while hailing the impact the much needed refurbishment will have.
“Both organisations are crucial to racing,” said Minister Coveney. “We have a new piece of legislation now that’s gonna reinforce the role of the Turf Club as well as the role of HRI in the future and that’s very positive. This is a partnership between the two, working together with a common interest, which is to build a world class infrastructure here at the Curragh, which is a world class racetrack already and has been for many years.
“That partnership has been thought through very thoroughly. It’s business-like, as it should be (when there is so much public money committed), and it’s attracted very significant private sector financial investment to be part of this project as well.
“You have a racetrack here that a lot of owners, trainers and jockeys would say is the best in the world in terms of flat racing but we don’t have an infrastructure to match that in terms of stands, parade ring, hospitality suites and all the other things that need to go with a modern racecourse now, and we need to put that in place.
“Ireland is one of the leading countries in the world when it comes to breeding thoroughbreds, racing them and owning them, and we intend on staying there.”
