Borrowing facilities granted to racing boards

Both Horse Racing Ireland and Bord na gCon will share a €40m borrowing facility approved by Sports Minister, John O'Donoghue.

The funds will be used for the continuous development of both horse and greyhound racing.

HRI will receive the bulk of the money (€35m), allowing it to implement a key goal in their Strategic Plan of improving facilities for owners, riders and patrons generally at racecourses.

Major developments envisaged in the current five-year plan are improvements to The Curragh and Leopardstown racecourses.

Bord na gCon's allocation comes to €5m and should allow for the completion of the final phase of the Bord's Capital Development Programme.

Under this programme, greyhound tracks have been provided around the country such as Curraheen Park in Cork, Lifford, Tralee, Mullingar, Newbridge, Waterford, Galway and Dundalk, which is nearing completion.

The new borrowing facility will also enable Bord na gCon to finish its final phase of capital development and ensure the completion of a new track in Limerick. It will also ensure the redevelopment of Enniscorthy, Clonmel, Kilkenny and Thurles.

Speaking after the announcement, John O'Donoghue said: "This is further concrete evidence of this Government's commitment to both sports, which play such a distinct and unique role in Irish social, sporting and economic life."