Mr. Brendan Gleeson:

I will go back to a cliché; we are not starting with a blank piece of paper. In a number of instances HRI took over racecourses because it was a necessity, as potentially they might have folded in the absence of public funding. What one tries to do is build in to the board and governance structures of the bodies concerned reasonable checks and balances. It is repetitious, but, essentially, the position is that we have a broadly representative board. We have three ministerial nominees, as well as Turf Club members on the board.

The establishment of companies provides a Chinese wall between the running of a race track and the other functions of HRI. The system is reasonably robust and unless the funding dynamic changes dramatically, I do not see it changing in the near future.