Mr. Adrian Neilan:

I ask the Deputy to please understand that in November 2006 we developed a strategic plan for the following five years. As part of this strategic plan we made a submission to the Department of Sports, Arts and Tourism and the Department of Finance to increase our level of borrowings to complete our capital development programme. At that point we had facilities which were significantly loss making. The Limerick project was losing €250,000 a year. There was a variety of reasons to develop the stadium and protect it. We had two operations there; we had a head office and a stadium which was significantly loss-making and not fit for purpose. For us to protect the second-largest dog pool ownership in the country, which is based in Limerick, we needed to develop it. This was all part of our strategic plan. We knew we would end up at this level, we knew we would complete our capital development programme, and now we are focusing on paying down debt and this is our plan. We are comfortable with our ability to pay down the debt while making sure vibrancy is brought back to the industry.