Dublin, January 10, 2024 - Horse Racing Ireland (HRI) has expressed its openness to a review of its prize money policy and its impact on the overall health of the racing industry in Ireland. This revelation came to light before the Christmas season when the Irish government initiated a review of the governance of the Horse & Greyhound Fund, with a specific focus on prize money distribution.
The review is underway and conducted by an external organization, although no specific timeline for releasing its findings has been disclosed.
The government has allocated €95 million to the Horse & Greyhound Fund for the year, with €76 million designated for horse racing. This represents an increase of €3.2 million compared to the 2023 allocation.
HRI has confirmed that in the previous year, €32.7 million was utilized from the fund to contribute to prize money, resulting in over €68 million awarded in prizes. For 2024, an increased prize fund of €69.4 million will be increased.
Criticism has been voiced by opposition political parties regarding the allocation of these funds, with concerns raised about a significant portion going to individuals of substantial wealth.
Brian Stanley, a Sinn Féin TD and chairman of the Oireachtas Public Accounts Committee, emphasized the importance of reviewing the fund promptly, focusing on the efficiency of subsidizing prize money as a primary concern.
HRI's Chief Executive, Suzanne Eade, has welcomed the review, stating, "We look forward to engaging fully with any analysis of the effectiveness of prize money in Irish racing and how that fund delivers for the industry and local economies." Eade also highlighted the substantial international investment in Irish racing, contributing over €550 million in foreign direct investment to the Irish economy in 2022. She emphasized that a robust prize fund is essential for Irish racing to remain competitive on the global stage and foster growth within the industry domestically.
This development occurred within the context of extensive political scrutiny in the previous year concerning financial and governance issues related to the Irish Horseracing Regulatory Board (IHRB). The IHRB is set to receive €11.4 million in funding from HRI in the current year.
An independent report by the Mazars audit and tax firm, commissioned to investigate significant financial concerns raised by the IHRB's Chief Executive, Darragh O'Loughlin, to the Public Accounts Committee (PAC) last summer, is still pending release. The delay in publishing the report has garnered criticism, with Jackie Cahill, Chairman of the Oireachtas Agriculture Committee, deeming it "completely and utterly unacceptable."
HRI appointed Mazars in June to address financial issues, referred to as a "bombshell" by O'Loughlin during his appearance before the PAC. During the same hearing, it was revealed that the IHRB's Chief Financial Officer, Donal O'Shea, had been placed on voluntary leave with prejudice to his position.
Additionally, last month, it came to light that the Secretary General of the Department of Agriculture, Brendan Gleeson, expressed dissatisfaction with a €384,870 exit payment made to Denis Egan, O'Loughlin's predecessor, upon his early retirement in 2021. The payment exceeded what Egan was entitled to under redundancy scheme terms by 58 percent.