New Curragh Racecourse Company Announced by Minister Simon Coveney T.D.
At a presentation of ‘A Vision for a New Curragh’ the Minister for Agriculture, Food, the Marine and Defence, Mr Simon Coveney T.D. welcomed the establishment of a new company, Curragh Racecourse Limited, which will own, operate and re-develop the Curragh Racecourse and Training Grounds.
The development plans for the racecourse include a new grandstand, weigh-room and parade ring, while the arrivals and reception area of the racecourse will incorporate a museum of Irish racing. The existing stable yard will be completely refurbished, while a separate investment programme will be put in place for the training ground. A period of consultation will now take place in advance of the submission of a planning application. It is hoped that the new Curragh Racecourse will open in 2018 and the intention is that racing will continue throughout the development period.
The overall investment in the project will be circa €65 million, to be financed jointly by HRI and private investment, with the objective being to complete the redevelopment without any debt. There will be three groups of shareholders who will form the Board of the new company, which will be chaired by Kildare native, former CEO of the ESB and current chairman of Eir, Padraig McManus.
The shareholders are:
- The Turf Club
- Horse Racing Ireland
- Private Investors
each holding 33.3% of the shares.
The private investors committed at this point are:
- HH the Aga Khan
- Eva-Maria Bucher Haefner
- Michael Tabor
- Derrick Smith
- John Magnier
- Godolphin Ireland
- J.P. McManus
Discussions are underway with other parties, and further private investment is anticipated.
The company will assume full responsibility for the Curragh Racecourse re-development project and, with effect from 1st January 2016, the business, assets and staff of the Curragh racecourse and training grounds will transfer over to the new company.
Minister Coveney said:
“I welcome this development. This Government continues to support Irish racing which is a high-value contributor to the rural economy and a generator of inward foreign investment, competing with and beating some of the biggest players internationally. The Curragh is the heart of Kildare, the thoroughbred County. It is an acknowledged centre of excellence in every aspect of the thoroughbred industry and this project will secure its place as the keeper of Ireland’s racing traditions and a welcoming host of some of Ireland’s best sporting and social occasions. I am particularly grateful to the private investors for their support of the project, an investment which will be matched by the State through Horse Racing Ireland”
Padraig McManus, Chairman of Curragh Racecourse Limited, said:
‘’It is an honour to chair this project which means so much for County Kildare and for Ireland. The Curragh has always had iconic status in world racing and we are determined to create a racecourse which does justice to the quality of the racing staged there and the owners, trainers and racegoers who make it such a special racing experience. This ambitious development is the result of continuing support from Minister Coveney and his Department, an integrated approach by Horse Racing Ireland and the Turf Club and the loyal support of many of Ireland’s top racing and breeding establishments.’’
Neville O’Byrne, Senior Steward of the Turf Club, said:
“The new Curragh Racecourse will be the realisation of a long-held ambition to create a world-class racecourse in place of the current facilities which date back to the 1960’s. As the Home of the Classics, boasting one of the world’s best racing surfaces and training grounds, the new Curragh will be a fitting venue for many of the top races in the international calendar. The Curragh can now take centre stage in the next phase of growth for thoroughbred flat racing in Ireland.”
Joe Keeling, Chairman of Horse Racing Ireland, said:
“This is the most important venture in the modern history of Irish racing. The Curragh will be benchmarked against the best racecourses in Europe. It will be profitable, with customers whose loyalty is built around exceptional racing, facilities and customer service. It will be central to the revitalisation of flat racing which has already begun with the development of Longines Irish Champions Weekend.”
