Michael Creed (Cork North West, Fine Gael) | Oireachtas source

The letter referred to a five-year development plan for the industry which is a public document. My recollection is that its ambition is to grow the industry from €1.2 billion to €2 billion. That involves critical infrastructure like the redevelopment of the Curragh racetrack with an investment of €30 million, with considerable funds from the private sector. There is a tripartite approach between the Turf Club, HRI and private funding. The case was made that the CEO was critical to securing access to the private funding element. There is the question of negotiation of media rights. A case was made in the correspondence about continuity at management level given the relatively recent retirement of the chief financial officer and several other things, including Mr. Kavanagh’s membership of several reputable international racing bodies, which would have been important to the reach of the Irish racing industry. Whereas the letter referred to those matters in bullet points it also referred to the five-year development plan.