Greyhound sector's big financial bite

WITH A new Minister for Agriculture – Simon Coveney – in place, the Irish Greyhound Board has produced a timely report to highlight the contribution of the industry to the economy and to make the case for greater exchequer support to aid its continued development.

The report, produced by economist Jim Power, shows that 10,300 people are employed in the industry, directly and indirectly.

The gross wage bill amounts to an estimated €2.08 billion while the tax contribution from this employment is €21 million.

Greyhound breeding and training, and the running of meetings, also generate valuable employment in rural areas, Power argues.

For example, the annual coursing event in Clonmel generates an estimated €15 million for the local economy, according to Power’s report.

Woof.

In the boom, most of the 17 dog tracks in the State received multimillion euro facelifts, aided by exchequer funding. Attendances peaked at 1.4 million and betting hit €143.7 million.

But the recession and last year’s snow saw attendances fall to 800,000 in 2010 while the exchequer contribution to the sport through the Horse Greyhound Fund has declined to €11.4 million this year from €15.3 million in 2008.

In spite of this difficult backdrop, the board last year managed to increase its surplus to €2.7 million from €600,000 in 2009. Staff numbers at its HQ have been halved while other costs in the system have been squeezed.

“The IGB has delivered a very impressive financial performance in recent years, despite the change economic climate,” Power noted.

To sustain and grow the industry, “proper sustainable funding mechanisms” would have to be put in place, he added. However, he stopped short of putting a figure on that.

IGB chief executive Adrian Neilan offered his view to me this week. “If we were at €14 million, we could compete at that level,” Neilan said.

He said corporate bookings this year are up and he is hopeful that total attendances will be above 900,000.

“We can show that this is a sustainable indigenous industry. It’s a matter for the Government going forward.”

Over to you, Minister.