Mr. Phil Meaney:

There is much more involved than attending board meetings. I have told the Deputy that, on average, I spend approximately 30 hours a week in the industry. Obviously, not all of that is spent at board meetings. We meet sponsors. I will refer to the point raised about ETS. At the time, we found it difficult to secure a sponsor for the Irish Derby. The largest offer was approximately €50,000. As a board, we decided to go with ETS on the understanding it would pay €50,000 before the race commenced. It was as good as any other offer. Luckily enough, we found a good sponsor after that, who is in it for the long haul.