Maureen O'Sullivan (Dublin Central, Independent)
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33. To ask the Minister for Agriculture, Food and the Marine if he approved the €23 million of Exchequer funding that went to Bord na gCon in the State purchase of the former Harold's Cross greyhound stadium; his views on whether the agreed price was value for money for the land in question; and if he will make a statement on the matter. [28157/17]

Michael Creed (Cork North West, Fine Gael)
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The Chairman of Bord na gCon wrote to my Department on 10 May seeking my approval  and that of the Minister for Public Expenditure and Reform for the sale of  Harold’s Cross Greyhound Stadium to the Department of Education and Skills .

The sale of Harold's Cross Greyhound Racing Stadium is a transaction between the Department of Education and Skills and Bord na gCon. I had no role in the approval of the sum of €23 million offered for the stadium. Indeed I understand that that sum was based on an independent valuation by the Valuation office and that this was provided and accepted by the transacting parties,  in accordance with Department of Public Expenditure and Reform procedures governing the sale of state assets.  

I was however required to consent to the sale of the asset by Bord na gCon in accordance with the code of governance for State Bodies. The necessary Ministerial consents for the sale have been provided , subject to the proceeds being used to substantially reduce the debt and to the submission of a comprehensive business plan by Bord na gCon.

This sale was consistent with a recommendation in the Indecon Report,  commissioned by my predecessor, that Bord na gCon consider disposing of assets, including Harold's Cross Greyhound Racing Stadium, in order to reduce its debt levels.  This debt stood at €21.4 million at 31st December 2016, and the cost of servicing it was a significant impediment to the Bord's ability to carry out its statutory obligation to the develop the industry.

I am confident that this sale, along with the new  framework for improved governance and regulation currently undergoing pre legislative scrutiny  in the Joint Oireachtas Committee on Agriculture, Food and the Marine, can provide a platform for a new beginning for the sector and a more sustainable future.