Racing mentioned in McCarthy Report The disposal of HRI racecourses and the Irish National Stud were today revealed as part of the McCarthy Report. A review group, commonly known as An Bord Snip Nua, chaired by economist Colm McCarthy issued its findings to the government in July 2009 but they were only made public today. Leopardstown, Navan, Tipperary and Fairyhouse all come under the Horse Racing Ireland (HRI) banner, while the Irish National Stud in Tully, Co. Kildare houses eight stallions including Invincible Spirit who stands at a fee of €60,000. The Report advises a planned sale of State assets to reduce indebtedness but does warn against a “fire-sale” saying that it would be unlikely to raise enough capital and may not even be possible given the complex legislation in place. “The Government isn't under any immediate pressure to sell assets due to the IMF-EU programme,” McCarthy said at a press conference this afternoon. The report advises against selling many land-based assets and instead proposes that the State sells the rights to reap the produce of the land rather than the land itself. The report calls for the restructuring of State companies and stronger regulatory arrangements ahead of any possible sale. It also suggests that competitiveness be enhanced even in companies that are not sold off. Parts or all of the ESB, DAA, Coillte, Dublin Bus and Bord Na Mona are also proposed to be sold by the McCarthy Report.
