Oireachtas Joint and Select Committees

Thursday, 20 June 2024

Public Accounts Committee

Financial Statements 2022: Horse Racing Ireland
Financial Statements 2022: Irish Horseracing Regulatory Board

9:00 am

Photo of Brian StanleyBrian Stanley (Laois-Offaly, Sinn Fein) | Oireachtas source

As the body signing the annual cheque, and bearing in mind the State, through HRI, has slightly more than a 36% share in it, despite putting in 50% of the overall cost to date, which was €92 million, if in a two-year period there is just shy of €3 million of a loss on the investment, obviously Ms Eade will have had projections done, or Ms Rudd, as the finance person, will have them, as to what way this is likely to pan out over the next five years. The question was kind of answered earlier but HRI, as the body responsible for the chequebook, must have a projection of what way this is likely to work. Is this likely to decrease rapidly? Can we expect to see €1.4-€1.5 million loss on the investment every year? I do not take from the fact it is a very important facility in terms of showcasing and all that, but we must look at the finances of it and look at it from a business point of view.

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