Mr. Jason Morris:

I think the media rights deal has significantly benefited all racecourses and because of that their demands may not be as great. There has been significant expenditure at the major tracks, for example, the recent developments at The Curragh and Leopardstown. Smaller tracks probably do not need to spend as much. These particular schemes are focused on industry facilities like stable yards and weigh rooms, those areas which are fundamental to the infrastructure of racing going forwards. We believe that the racecourses can carry out work. We financially evaluate their applications and check their business plans. We check affordability. We want to make sure they can-----