A new company, Curragh Racecourse Limited, has been formed to own, operate and redevelop the Curragh Racecourse and Training Grounds. It will oversee a €65 million investment in rebuilding the public facilities at the track, home to the Dubai Duty Free Irish Derby.
The development plans for the racecourse were unveiled yesterday and include a new grandstand, weigh-room and parade ring, as well as a new museum of Irish racing.
The new company will be owned in equal part by three groups, Horse racing Ireland, the Irish Turf Club and a group of private investors.
The latter is believed to include some of racing’s biggest names including JP McManus, John Magnier of Coolmore Stud, Sheikh Mohammed bin Rashid Al Maktoum the leader of Dubai and the Aga Khan.
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 Chair of the new company will be Kildare native, former CEO of the ESB and current chairman of Eir, Padraig McManus.
The overall investment of an estimated €65 million will be financed jointly through public capital investment channelled through Horse Racing Ireland and private money from benefactors with an interest in the sport, with the objective being to complete the redevelopment without any debt.
Image credit: Inpho.ie
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