Horse Racing Ireland’s financial statements for 2020 to be discussed by PAC

The Public Accounts Committee (PAC) will meet on Thursday to examine Horse Racing Ireland’s financial statements for 2020.

Representatives of the semi-State body will appear before the Committee alongside the Comptroller and Auditor General Séamus McCarthy as well as officials from the Department of Agriculture Food & Marine and the Irish Horseracing Regulatory Board.

The PAC chairman, Sinn Féin’s Brian Stanley, said on Wednesday: “Matters of interest to the Committee include the redevelopment of the Curragh Racecourse and the cumulative loss of €6.4 million on HRI’s initial equity investment of €23 million in the project, the loss incurred on the disposal of land at Tipperary Racecourse, the sale of lands and redevelopment of Leopardstown Racecourse, and HRI’s contribution to prize money for races which in 2020 amounted to €35 million.

“Other areas for discussion include expenditure related to racing integrity, racecourse services and equine welfare issues. The Committee looks forward to discussing these and related matters with the representatives of HRI, the IHRB and the Department.”

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The HRI board is accountable to the Minister for Agriculture Food & Marine. In 2020 it received €67 million of State funding. This year it has been allocated €70.4 million.

HRI’s racecourse division owns and operates Leopardstown, Fairyhouse, Navan and Tipperary racetracks.