€65 Development For Curragh

The Curragh Racecourse will undergo a €65 million redevelopment under the control of a new company, Curragh Racecourse Limited. Ireland’s Minister for Agriculture, Food, the Marine and Defence, Simon Coveney, unveiled the new company, which will operate and redevelop the racecourse and training grounds, Wednesday. The shareholders are comprised of three groups–The Turf Club, Horse Racing Ireland and a group of private investors–each holding 33.3% of shares. The private investors already committed are the Aga Khan; Eva-Maria Bucher Haefner of Moyglare Stud; the Coolmore trio of Derrick Smith, Michael Tabor and John Magnier; Godolphin Ireland and J.P. McManus. Discussions are underway with other potential investors. The company will take ownership Jan. 1, 2016, and it has an objective to complete the project debt-free.

The redevelopment, which is hoped to be completed by 2018, includes plans for a new grandstand, weighing room and parade ring. A museum of Irish racing will be added to the reception area of the course, and the stable yard will be completely refurbished. A separate investment program will be put in place for the training grounds. Racing is expected to continue during the development.

Coveney said, “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 center 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.”

Tabor noted the need for facilities at The Curragh to catch up with its global competitors, saying, “I have been fortunate to race horses all over the world and The Curragh is a very special place to me; it was where Galileo won the Irish Derby. While its racetrack remains one of Europe’s finest, its facilities fall behind those of its international competitors. I’ve been an investor in Irish racing and breeding for nearly 20 years and as such I am pleased to support these new plans for The Curragh, to make it a real flagship for Ireland.”

Joe Osborne, managing director of Darley and Godolphin in Ireland, said, “Our contribution to the redevelopment of The Curragh is an investment rather than a donation. It is an investment to make The Curragh Racecourse a world-class facility and evidence of our confidence in the bright future of flat racing in Ireland.”