The Irish Greyhound Board has released an interim 2016 financial statement which shows a group operating surplus for the 12 month period of €3.3 million (EBITDA and movements in the defined benefit pension liability). This represents an increase from €2.3 million in 2015 though the paying down of debt has still not got the overall burden that prompted the closure of Harold’s Cross stadium below €20 million.
Government support through allocations from the Horse & Greyhound Racing Fund increased to €14.8 million, from €13.6 million. in the year and overall revenues above this hit €30.3 million.
It is an indication of the size of the sport and associated industry that this is more than half of what the much larger perceived GAA generated in the same year.
Betting related broadcast rights income from live racing content at Youghal, Tramore and Mullingar is included in the rising figures and that has been expanded further in the new year.
Total prize money for race meetings increased from €6.7 million in 2015 to €8 million in 2016, an increase of 20% which is attributable to increased exchequer support.
The year saw an increase in attendance at race meetings, from a total of 635,289 in 2015 to 641,622 along with an increase in race meetings from 1,642 to 1,675 in 2016.
The IGB further reduced their bank loans in 2016 by €0.75 million, leaving the total net bank debt at €20.3 million by 31 December 2016.
“The increase in prize money of 20% in 2016 will go some way to supporting greyhound owners nationwide,” said Irish Greyhound Board Chairman Phil Meaney.
“The legacy debt burden is still severe though. There can be no viable future for greyhound racing to exist unless this debt is reduced. The renegotiation with our lenders over this debt is still on-going.”
“The recent closure of Harold’s Cross was taken with regret but the sale will assist in tackling this burden of debt and will also facilitate the IGB to focus on making Shelbourne Park our premier national venue.”
