In 1980, former taoiseach Charles Haughey famously addressed the nation to warn that Ireland was “living away beyond our means”. This was when the great charlatan was on the make and take. He was a hypocrite, but he wasn’t wrong about a dire national economic outlook. His words now look to have an uncomfortable resonance for Irish racing.
Horse Racing Ireland’s pre-budget submission to Government said shortfalls in its funding are unsustainable. The sport’s ruling body added that its income wouldn’t fund current expenditure and that after 2026 it couldn’t rely on cash reserves. In information published in the Irish Field, HRI argued the lack of growth in prize money was a critical factor in the sector’s finances.
The extra money HRI wanted was redacted from documents secured under Freedom of Information legislation. But the plea didn’t work. Government funding for this year stayed at the 2025 figure of €79.3 million. Despite that, HRI is increasing prize money levels for 2026 by €4.2 million to a record €74.7 million.
There’s a contradiction there, just as there is in HRI borrowing up to €34 million to fund the country’s second all-weather racecourse in Tipperary. Pleading the béal bocht pre-budget might be part of a bureaucratic dance. But they’re in a context of uncomfortable echoes from less quoted parts of the Haughey speech about the “troubled and unstable world around us”.
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CJ referred to “wars and rumours of wars” as well as “political instability” in important areas of the world. So, same old same old there. But Irish racing’s own parish has its own instability, much of which crystallises around how much of its economic structure is essentially artificial.
More than a quarter century after it began, racing here is more dependent on State support than ever. Not only that, but such a pre-budget submission underlines the sense of entitlement that has grown alongside such subsidy. Racing is in the lurch and its reaction, through HRI, is to hold its hand out looking for more under a dubious prize money argument.
Racing is staring down the barrel of financial challenges that could blow such deep-rooted complacency to smithereens. Its basic problem is how the framework it has operated under since the turn of the millennium has always been a contrivance. The root tot up doesn’t work. Irish racing doesn’t generate turnover commensurate with the income it gets.
It was originally a stimulus that transformed racing in Ireland and was the envy of other jurisdictions. It was 25 years of an unparalleled sporting leg-up. But ultimately the dividend is an industry whose default move is still to run to Government for more subsidy. It is startling evidence of a lack of leadership, as well as failure to make the most of a rare opportunity.
Rather than developing a sustainable long-term funding model, Irish racing has complacently believed the good times wouldn’t end. Government would keep picking up the tab. That’s looking increasingly presumptive. HRI’s latest strategic plan is rooted in how State funding is supposed to reach €92.4 million by 2028. Instead, it has stalled.
Media rights money is the sport’s other main income stream. It has been in reverse due to turbulence in a British gambling industry which Irish racing’s fortunes are tied to. In the last contract negotiations, the value of picture streaming was inextricably linked to betting turnover in Britain. Any new deal will be worked out in a very different business environment.
Racing is becoming less of a priority for the gambling conglomerates who appear to be adopting an increasingly take-it or-leave position when it comes to racecourses and the sale of pictures. Some of that might be bluffing. But it’s a dangerous bet to assume it all is. Every bottom line has a tipping point.
The recent Westminster budget excluded British racing from increases in gambling tax, but not Irish racing. That makes it less attractive to bet on, which makes it less appealing for bookmakers, and that in turn hits the value of media rights and makes Irish racing a less tempting proposition to invest in.
The impact is already being felt. Tramore’s manager Owen Byrne admitted last year that increasing costs and reduced pictures income means “the maths don’t add up” for some tracks. Only emergency measures kept Thurles open for the time being after its closure last summer. All of it is in a context where gambling is increasingly perceived as a social evil.
It all ties into a fluctuating political climate where stalled input into the Horse and Greyhound Fund is significant. The uncomfortable reality is that Irish racing is just one welfare or doping disaster away from State funding coming under very harsh scrutiny. The figures mightn’t currently add up but any future reduction of Government support would have a massive impact.
There are uncomfortable echoes of another economic disaster if a position of “we are where we are” is adopted. But HRI’s focus on prize money is a cop-out, disguising how chances to properly invest in vital long-term measures related to welfare and integrity, which will ultimately have to be carried out, have been squandered.
Irish racing is waking up far too late to how its figures increasingly struggle to add up and could make for a frugal outlook.
Something for the Weekend
Harry Cobden has made headlines this week and teams up with Jonbon for JP McManus in Ascot’s Grade One feature on Saturday. Before that he rides NEON MOON (2.20pm) in a valuable handicap for David Pipe. His sole previous ride on the horse yielded a course and distance win in November. Cobden might prove the key to a repeat.
Konfusion’s Gold Cup entry will hardly count for much if he can’t win Haydock’s Peter Marsh Chase off 145 on Saturday. He did unseat on his previous course run and IMPERIAL SAINT (2pm) might prove a value alternative.
