Mr. Joe Keeling:

It could be. It is a three-year project at the Curragh that will not be completed until 2019. We have to remember that Mr. Kavanagh has many talents and that he will look after the project. There is huge investment at the Curragh and huge confidence in him. We have raised a sum of €30 million. Would we have been able to raise those funds independently without him? It would have been more difficult to do so. We had had the experience of losing money on a previous development at the Curragh, but Horse Racing Ireland lost no money as a result of the good practices put in place by Mr. Kavanagh. There is a huge amount of development work being carried out and the process is very important. The board has confidence in him. We will be spending a lot of money in the next five or six years.