Mr. Darragh O'Loughlin:

The funding model is the funding model and that was established in the legislation. That is way above my pay grade and is for others to consider. On how we implement the arrangements which are currently in place, I would say we have a very respectful relationship of equals with HRI. It understands that we are solely and independently responsible for making and enforcing the rules of racing. HRI has never sought to interfere in any way in any of our regulatory anti-doping or veterinary welfare practices. It has been supportive at all times. We would always argue about money and we would always want more money and there is a limit to what it can provide.