The Irish Greyhound Board (IGB) are to move ahead with plans to sell Harold's Cross Greyhound Stadium after they announced the immediate closure of the stadium.
In a statement, the IGB confirmed that the stadium will be immediately closed and that all greyhound racing in Dublin will now be held in Shelbourne Stadium, with an increase to four meetings a week at that venue from 17 February.
With a debt of €20.3m, the IGB see the sale of the stadium as a solution to their financial woes, but have been at loggerheads Dublin Greyhound Owners and Breeders Association who are opposed to the sale.
The IGB have already cancelled two meetings at Shelbourne Park because of a planned picket from the DGOBA, and despite holding talks, the two organisations have been unable to reach an agreement.
Further protests from the DGOBA are likely and it remains to be seen if they will picket meetings at Shelbourne Park.
Nevertheless, the IGB insists that the sale of Harold's Cross is the only solution to their growing dept problems, which stem from the €21m bill for the building of Limerick Greyhound Stadium in 2011.
The IGB statement read: "An overriding financial consideration informed the decision to concentrate our Dublin racing in Shelbourne Park.
"The legacy debt burden (net group debt is €20.3 m) which the industry and IGB have been struggling with since the Limerick Stadium project, which cost €21m on completion in 2011, necessitates the sale of Harold’s Cross and the realisation of its asset value.
"IGB’s business plan is to address its significant debt, eliminate bank borrowings and reduce interest payments. The Indecon Report commissioned in 2014 by Government and accepted by the Board of the IGB, recommended the sale of Harold’s Cross to reduce debt levels.
"There is no alternative to this course of action. Unless the debt issue is addressed, no viable future exists for the industry and the sale of Harold’s Cross offers the most significant opportunity to reduce that debt."
The IGB confirmed that they will immediately begin the process of selling the stadium.
"IGB has taken the decision to bring forward the closure of the stadium and its sale. The decision to close Harold's Cross with immediate effect has been taken so that IGB can move forward with creating a viable future for the industry without delay."
After 88 years of racing, Harold's Cross Greyhound Stadium has been closed today, with immediate effect, by the Irish Greyhound Board. pic.twitter.com/Se2u08uYch
— RTÉ Sport (@RTEsport) February 13, 2017
