THE VERDICT of the Government’s cost-cutting panel, An Bord Snip Nua, that a further €16.4 million can be taken from the Horse and Greyhound Racing Fund has been described as “very severe medicine” by the body representing Ireland’s racehorse trainers.
If the recommendation is carried out by Government it will mean a 33 per cent reduction in fund finances in the last year. The fund, which is split 80-20 between horses and dogs, was worth €76 million at one stage last year but was cut to €67 million in last October’s budget. If An Bord Snip’s recommendation is carried out, it will mean a further reduction in the fund to €51 million.
“You can see from the measures we had to take after last October’s budget, when cuts came in, that a further reduction could have a huge impact,” Horse Racing Ireland (HRI) chief executive Brian Kavanagh said yesterday.
“But we don’t want to be premature about this. There are recommendations here that impact on every aspect of Irish life and the Government has to deliberate upon them,” he added.
Jim Kavanagh, of the Irish Racehorse Trainers Association, said his fingers are crossed and what is eventually implemented may not be as bad as has been recommended.
However, he added: “The whole industry will suffer, employment, everything will be affected by it. It is very disappointing. It is very severe medicine for what is a very successful industry. But fingers crossed what is implemented may be a little different. We will have to see what happens.”
After October’s budget, prizemoney levels for 2009 was reduced by €6.6 million which is an 11 per cent drop on 2008. HRI’s capital development fund has also ground to a halt and cuts in general expenses include a €1 million drop in funding to the Turf Club’s integrity services.
Sunday week’s Group One feature at the Curragh, the Phoenix Stakes, will be sponsored jointly by Camas Park Stud and Ashtown House Stud. The title changes from the Independent Waterford Wedgwood Phoenix Stakes.
“Racing has been good to us and now it is time to give something back to the business that supports us,” said Timmy Hyde of Camas Park.
