200m Capital Development Programme for Irish Racecourses

The Minister for Arts, Sport and Tourism, Mr. John O’Donoghue TD, yesterday announced a new Racecourse Capital Development Fund. The programme will see Horse Racing Ireland (HRI) provide a matching fund for Irish racecourses to substantially upgrade their facilities over the next five years.

Minister O’Donoghue stated: “Horse racing is a hugely popular sport in Ireland, with over 1.4 million people attending races annually. To support this growth in popularity, we need to provide the very best facilities at all racecourses. Through this fund a total of 200 million euro will be invested, with HRI providing 110m in grant aid and the balance of 90m to be provided by the racecourses”.

Commenting on the Minister’s remarks, HRI Chairman Denis Brosnan said: “This new fund is double the size of the first Racecourse Capital Development Fund. 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 standards at Irish racecourses.”

“The Indecon Report on the horse racing industry quantified the economic value for 2003 of the 300 plus race meetings held that year. Consumer expenditure was over 110m and in excess of 23m was taken in gate receipts, with 227m generated by on-course betting turnover. This represents a significant contribution to local employment and the economy, which will further increase under the investment from the capital development programme.”

Brian Kavanagh, Chief Executive of HRI continued: “In its Strategic Plan 2003 – 2007, Horse Racing Ireland planned the continued improvement of racecourse facilities for race-goers, professionals and horses through the provision of capital grant aid. A model has now been established whereby a greater proportion of the income generated at race meetings goes directly to the courses. I am delighted to see that this model has improved the finances of the courses and leads to greater confidence and the means to plan for their own future. HRI will actively assist them at all stages of that work’’.

HRI’s grant aid of 110 million has been provisionally allocated as follows:

Premier racecourses: Up to 80 million

(Curragh, Fairyhouse, Galway, Leopardstown and Punchestown)

Category 1 tracks: Up to 10 million

(Cork, Gowran, Limerick, Listowel, Naas and Navan)

Category 2 tracks: Up to 10 million

(Ballinrobe, Bellewstown, Clonmel, Kilbeggan, Killarney, Laytown, Roscommon, Sligo, Thurles, Tipperary, Tralee, Tramore and Wexford)

All weather track: 10 million

(Dundalk under consideration)

At its meeting on Monday November 15th, the Board of HRI approved grant aid of 55% for projects costing 10.6 million at Navan (8.1m) and Ballinrobe (2.5m). These projects will see significant upgrades of facilities at both racecourses including new weighrooms, bars / restaurants and public facilities and a new stableyard at Navan and will represent the first drawdown on the Capital Development Fund.

In conclusion, Jerry Desmond Chairman of the Association of Irish Racecourses (AIR) stated: “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 next five years, with employment growth and wealth generation spread throughout the regions”.