Horse Racing Ireland has stood over its record prize money levels for this year despite an independent report to the Government that questions the basis of subsidisation from the Horse & Greyhound Racing Fund.
The report submitted to the Oireachtas Public Accounts Committee in November by Indecon Consultants related to the governance of the Horse & Greyhound Fund but also the efficacy of its use in relation to prize money, integrity and animal welfare.
Indecon concluded that prize money is important for Irish racing to sustain competitiveness and support investment, but added: “The success of the industry suggests that there could be an element of deadweight in HGRF allocation to prize money allocation.”
The report also stated: “Overall, there is a stronger public policy rationale for funding of welfare and integrity programmes than for prize money, given the public good features of the former and the risk of underinvestment in these areas by the sector.”
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In its 2026 budget, HRI unveiled record prize money of €74.7 million, an increase of €4.2 million (almost 6 per cent) on last year.
In a pre-budget submission to the Government, HRI said prize money levels here are unacceptable in comparison to Britain and other countries, adding that a lack of growth in prize money was a critical factor in increasing cost pressures in racing.
Racing’s ruling body warned that cutbacks in areas including integrity and welfare would be necessary without a boost in funding to the HGRF. The Government ultimately left its allocation unchanged from 2025 levels at €79.3 million.
The Indecon report was commissioned by the Department of Agriculture to examine whether use of the HGRF to subsidise prize funds represented value for money and its effectiveness in ensuring the highest levels of animal welfare standards.
It noted that HRI can allocate a maximum of 80 per cent of its government allocation to prize money. In 2024, just over 60 per cent of prize money in Irish racing came from HRI. Almost 25 per cent came from owners while nearly 10 per cent came from commercial. The total came to almost €70 million.
The report presents a broadly favourable picture of Irish racing’s governance and how the HGRF is used. In its 2026 budget, HRI announced an equine welfare spend of €4.6 million, an increase of €1 million on last year. Integrity funding of €17.8 million was up by just €500,000.
However, the report also recommended that the share of the fund for welfare and integrity purposes should be “ring-fenced” and be increased in the medium term.
Asked if the report’s conclusions ran counter to a policy of record prize money levels, HRI responded: “Every racing jurisdiction that Ireland competes with on the international stage seeks to attract investment in their own racing industries through competitive prize money strategies, and allowing Ireland to fall behind on that front would be a dereliction of HRI’s statutory duty to develop and promote the Irish horse racing industry.”
In relation to welfare and integrity funding being ring-fenced, HRI referred to fund parameters in relation to capital investment and current expenditure.
“Those parameters which include the percentage of expenditure on prize money and integrity, are adhered to as part of our ongoing governance requirements,” HRI said.
Minister for Agriculture Martin Heydon said an “action plan” has been developed on the back of the Indecon report adding his department is engaging with relevant bodies with a view to “implementing recommendations, where appropriate, at the earliest possible juncture.”
HRI said it is engaging with the department in relation to the report and will consider its findings over the coming months with a view to implementing recommendations where appropriate.
In other news, Harry Cobden will be on the sidelines for a few days this week following his incident-filled experience at Ascot on Saturday.
The man who will officially become JP McManus’s number one rider next season was forced to miss what would have been a perfect Grade One prelude after emerging sore from a fall in a race prior to the Clarence House Chase.
Although he walked away, he was eventually stood down by medical personnel and missed out on riding McManus’s Jonbon to victory in the big race, James Bowen successfully stepping in. The Irish favourite Il Etait Temps fell at the second last, Willie Mullins’s star eventually getting to his feet unscathed after appearing to be badly winded.
“Harry is just a bit sore. It’s a relatively quiet week, so he’ll take a few days off and we’ll see how he is,” Cobden’s agent Sam Stronge reported.
“I think there was reporting he had concussion, but it wasn’t concussion at all. I think after the fall, as he was getting up the horse got up and galloped over the top of him, so he’s sore and he’ll just take a few days and see how he feels.
“The middle of this week isn’t overly busy anyway, so there’s no rush and he can take it day-by-day,” he added.
Jonbon’s trainer Nicky Henderson indicated his Grade One-winning novice chaser Lulamba may try to follow in the footsteps of former star names by steeping into open company at Newbury next month.
Both Sprinter Sacre and Altior landed the Game Spirit Chase on-route to Arkle glory at Cheltenham.
“He has won his Grade One already this season and he is right up there with the most exciting horses we hope to take to Cheltenham,” said the Englishman.
