Martin Heydon (Kildare South, Fine Gael) | Oireachtas source

Smaller racecourses have gained from being aligned with the larger racecourses and this has enhanced their value. Media rights agreements are subject to approval by HRI and the 26 racecourses involved.

While I take on board the points the Deputy has raised and am happy to discuss it today, racecourses also contribute an element of their sponsorship income to prize money with bigger tracks providing a more significant percentage - at least double - with the majority of funding coming from HRI and then owners.

During the Covid-19 pandemic, HRI allowed all tracks retain whatever sponsorship they had while racing took place behind closed doors. Obviously, that was a very difficult time for racecourses.

As provided in legislation, HRI has operated several different racecourse capital schemes over the years. These investments have allowed racecourses to install fit-for-purpose infrastructure for both participants and patrons.

During the period from 2015 to 2019, a total of 23 racecourses received financial assistance from HRI under this measure involving grant aid of €29.5 million with a total investment cost of €135 million, exclusive of VAT. Grant aid was generally provided at a rate of 40%.

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