Mr. Brendan Gleeson:

Bord na gCon is in a difficult financial situation. That has already been alluded to. Since 2007 and through the recession, the board's financial position worsened. This was exacerbated by a large debt. We had a long session relating to the Comptroller and Auditor General's report on Limerick previously. The fact is the board is in a difficult financial situation. We commissioned an Indecon report to examine various things, including governance, financial issues and issues of regulation. We are trying to deal with those bit by bit.

One of the recommendations in the report was that Bord na gCon had to reduce its debt levels and improve its financial situation. To achieve that, the recommendation was that the board would sell assets. While the report was not prescriptive about what should be sold, Harold's Cross was one of the assets named.

Since 2014, we have known of a recommendation that the track at Harold's Cross would be sold. Part of the reason is that the asset is likely to have significant value. Second, it is only 4 km from another flagship stadium. If we were starting from scratch, we would not plan things that way. That is the position.

The board has been wrestling with this for some time. It is obviously an emotive issue and has attracted strong feelings on various sides. The decision on whether to run a track is a matter for the board. The decision on the sale is a matter for the board. However, the sale has to be consented to by the Minister for Agriculture, Food and the Marine and the Minister for Public Expenditure and Reform. That is the position. At the moment the board has made a decision to close the track and sell it. I do not know whether the local board was consulted. I will come back to the committee on that.