Horse Racing Ireland warned shortfalls in funding 'not sustainable'

Ken Foxe

Horse Racing Ireland (HRI) warned it was falling way behind its competitors in Great Britain and that shortfalls in funding were no longer sustainable.

In a pre-budget presentation, HRI said it was struggling to keep pace just as British racing was about to receive an extra levy to increase prize money.

The document said three-quarters of all the most valuable and prestigious Group 1 races were staged across the Irish Sea.

It noted there were 43 Group 2 races in Britain that were worth at least GB£115,000, compared to just four in Ireland.

The submission said the 23 most valuable Group 3 races were all in Britain. It also noted there were 99 Listed races worth at least £50,000 over there, compared to just three in this country.

It described how industry sentiment was openly critical in both the domestic and international press with headlines about “unacceptable” prize money.

Cash reserves

HRI warned that its income was not at a level to fund current expenditure requirements and that it was eating into its cash reserves.

It said its reserves at the end of 2024 were just €2.9 million and that after 2026, it could no longer rely on them.

The submission added: “As advised repeatedly to the department, HRI is unable to sustain funding of a shortfall going forward.”

It said there had been stagnation in how much funding it received through the Horse and Greyhound Racing Fund even as costs rose.

“Without the requested increase in the current allocation, HRI cannot deliver on strategic objectives, and, in reality, further cutbacks will be required,” the presentation explained.

It detailed some of the areas likely to be hit, which included industry education and welfare, integrity services, and incentive schemes.

The document also said HRI might have to look at cutting the number of race meetings that take place each year.

It argued the lack of growth in prize money was a critical factor as there were “increasing cost pressures” across the industry.

“Prize money is vital in ensuring that Ireland maintains its position as a world leader in thoroughbred breeding and racing,” the presentation said.

“With prize money levels increasing in the UK and France, HRI must focus on not only growing but maintaining base values and the average contribution per race.”

Three-year plan

It suggested a three-year plan for raising prizes, with increases for higher-graded races to compete with other countries.

It said: “The recent prize money strategy for 2026 to 2028 has been fully endorsed by the HRI board and many key stakeholders who are demanding HRI act with urgency.”

The exact amount of extra money sought by Horse Racing Ireland was redacted from the documents, which were released under FOI.

In December, HRI approved its budget for 2026 with an increase of €4.2 million in prize money as well as funding boosts for animal welfare and industry integrity.

However, its CEO Suzanne Eade said that its allocation from the government’s Horse and Greyhound Fund “remained static.”

Asked about the records, HRI said they had no comment to make.