Irish prize-money set to rise to new high of €69.4m but no extra anti-doping funding in 2024 budget

Record levels of prize-money in Ireland are set to rise to €69.4 million next year after Horse Racing Ireland published its 2024 budget, but the industry's regulator will not receive additional money to implement outstanding recommendations regarding its equine anti-doping programme, despite a seven per cent increase to integrity funding.

Irish Horseracing Regulatory Board chief executive Darragh O'Loughlin told an Oireachtas committee last month additional funding in the region of €1.2m was required to implement various recommendations as a result of an independent review by Dr Craig Suann into the IHRB's equine anti-doping programme. O'Loughlin noted some of the recommendations involved additional testing that necessitated extra funding before they could be implemented. 

HRI, whose government funding will rise by €3.2m to €76m in 2024, has boosted the integrity fund for 2024 by the amount requested from €16.1m to €17.3m. However, funding for the IHRB's operations remains at €11.4m.

An IHRB spokesperson said: "The board of HRI has approved 2024 IHRB budgeted expenditure of €12.1m. This expenditure is allocated as €11.4m revenue and €0.75m capital. The IHRB has been advised no further funding is available to implement the remaining Suann recommendations at this point."

HRI's budget, which was approved at a board meeting last Wednesday, means prize-money will rise by €1.3m, bringing the figure up two per cent to €69.4m. Investment will also increase in equine welfare, which will be allocated €3.5m – an increase of €800,000 on this year's figure.

HRI chief executive Suzanne EadeCredit: Patrick McCann (racingpost.com/photos)

Investments in industry education and training will remain at €800,000 and an additional €100,000 put into a graduate recruitment programme to support succession planning across the industry, while the budget is also set to ringfence revenue and capital funding in relation to an ongoing project to create an overall education and training framework for the industry.

HRI will continue its funding of the IRE Incentive Scheme for breeders "to meet the challenges posed by difficult market conditions in 2023". The scheme will provide for €1.3m in vouchers for qualifying winners that can be spent on Irish-bred horses at Irish sales in 2024.

Next year will see payment of the final €1.4m in relation to prior approved capital schemes, namely for stable yard expansions (€300,000) and racetrack and industry facility improvements (€1.1m), while funding for the point-to-point sector will remain unchanged from 2023 at €2.6m. However, a new support of €100,000 specifically for insurance grants for point-to-point organisers is included within the budget.

Investment in ownership development will remain at €700,000 but administration charges to owners will increase in 2024 between ten and 25 per cent to support the increase in fixtures and safeguard the current levels of prize-money.

HRI chief executive Suzanne Eade said: “The value of the Irish racing and breeding industry was measured in 2023 and amounts to €2.5bn, an increase of more than 30 per cent since 2016, despite some challenging times in the intervening period. In framing the industry budget for 2024, Horse Racing Ireland wants to create the environment for that contribution to the economy to grow again.

"Deloitte’s research found the industry fuels in excess of €500m of foreign direct investment [FDI] every year and we know that prize-money remains the most significant lever in attracting investment into Irish racing. This FDI contributes heavily to rural economies all over Ireland, and so in increasing the fixture list to 395 fixtures in 2024, we do so by increasing the prize-money fund to €69.4m and maintaining current race values."

The Front Runner is our unmissable email newsletter available exclusively to Members' Club Ultimate subscribers. Chris Cook, the reigning Racing Writer of the Year, provides his take on the day's biggest stories and tips for the upcoming racing every morning from Monday to Friday. Not a Members' Club Ultimate subscriber? Click here to join today and also receive our Ultimate Daily emails plus our full range of fantastic website and newspaper content.