Suzanne Eade, chief executive of Horse Racing Ireland, has once again prioritised prize-money in the budget with €68.6m set to be on offer across 390 fixtures in 2023.
That represents a 2.5% rise on the pot that was on offer in 2022 while HRI also announced several other key industry supports and a contribution of over €1m to other initiatives on Wednesday.
Integrity funding is set to increase to €15.9m (+3%) while the 2023 Budget provides for investment in equine welfare activities and welfare related grant funding of €2.7m, the same level as 2022.
HRI also approved increased investment in industry education and training (from €0.6m to €0.8m) to support all sectors of the industry in achieving sustainable and best practice employment.
Next year will also see a continuation of funding for the IRE Incentive Scheme for breeders to meet the ongoing challenges posed by Brexit.
The Scheme is producing a significant multiplier effect in terms of investment at the sales, which will provide for €1.3m in vouchers that can be spent on Irish-bred horses at Irish sales next year.
Grant aid will be available to racecourses with 21 tracks receiving grants from HRI for industry-focused projects under two capital development schemes targeting key elements of the racecourse infrastructure and standards such as stable yards (capacity and facilities), weigh rooms and the racetrack itself, including the upgrading of watering systems. Under schemes covering 2022/23, 40% grant aid of €6.3m has been approved towards projects totalling approximately €15.75m.
Eade commented, “The Irish Horse Racing and Breeding Industry has stood up well to the challenges of Brexit and Covid-19 and we saw a welcome return of fans to racecourses in 2022. The investment choices for 2023 reflect a continued focus on our key strategic priorities for the industry whilst responding to some of the more recent economic challenges.
“Prize-money is a key enabler in building and maintaining the number of quality horses in training in Ireland. Approximately 70% of horses competing receive some prize money so it is important that we prioritise its growth and continued broad distribution amongst all the participants (owners, trainers, jockeys and stable staff) in order to sustain the significant rural jobs created by the industry. It is therefore very important that in 2023 HRI has been able to increase the total prize-money that will be on offer, to its highest level.
“The bedrock of the sport is the integrity of our product and HRI continues to increase our investment, building on several years of significant recent annual increases, both directly and through the vital work of the Irish Horseracing Regulatory Body. We also continue to focus on and support a broad range of targeted equine welfare initiatives.”
She added, “Recruitment, Development and Employee Retention remains a key challenge for the thoroughbred industry, so we intend to extend out our education and training offering and have backed that up with increased investment for 2023. Next year will see both the launch of a new graduate recruitment programme and the development of an educational framework for the industry.
“There are many challenges and inflationary pressures facing the breeding and racing industries, but we can take great confidence in the strong performances of our breeders at the sales in 2022, boosted by the effectiveness of the IRE Incentive Scheme in driving reinvestment in our global leading Irish bloodstock, as well as the continued international successes achieved by our horses in both Flat and National Hunt racing. The collaboration between HRI, ITBA and ITM have been instrumental in the ongoing success of the IRE scheme. Development of the grassroots remains a vital priority and hence why HRI have extended our support for the Point-to-Point sector to its highest level ever.
“2023 will also be an important year for racecourses with the signing of a new media rights deal which will underpin their financial security for the next five years. HRI will continue its investment in upgrading racecourse facilities with the short-term focus on improving industry infrastructure, while our marketing team will continue to support racecourses' promotional activities with campaigns to grow interest in our sport, drive fan engagement and increase race day attendances.”
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