The Curragh racecourse is set for a €65m revamp following an announcement by Minister for Agriculture, Food, the Marine and Defence Simon Coveney.
At a presentation of ‘A Vision for a New Curragh’, Minister Coveney welcomed the establishment of a new company, Curragh Racecourse Limited, which will own, operate and redevelop the Curragh racecourse and training grounds.
The development plans for the venue include a new grandstand, weighing room and parade ring, while the arrivals and reception area of the racecourse will feature a museum of Irish racing.
The existing stable yard will be completely refurbished, while a separate investment programme will be put in place for the training ground.
It is hoped that the development at the Kildare venue will be completed in 2018 and the intention is that racing will continue throughout the development period.
The overall investment in the project will be circa €65 million, to be financed jointly by HRI and private investment, with the objective being to complete the redevelopment without any debt.
There will be three groups of shareholders - Horse Racing Ireland, the Turf Club and private investors - who will form the board of the new company, which will be chaired by the former CEO of the ESB and current Eir chairman Padraig McManus.
The private investors committed at this point are the Aga Khan, Eva-Maria Bucher Haefner, Michael Tabor, Derrick Smith, John Magnier, Godolphin Ireland and JP McManus.
Discussions are under way with other parties and further private investment is anticipated.
Curragh Racecourse Limited will assume full responsibility for the redevelopment project and, with effect from 1 January next, the business, assets and staff of the Curragh racecourse and training grounds will transfer over to the new company.
Images of €65 million redevelopment @curraghrace inc new grandstand set for 2018 pic.twitter.com/hszzjmd9dO
— Francis Keogh (@HonestFrank) October 28, 2015
Minister 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 centre 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.”
McManus added: "The Curragh has always had iconic status in world racing and we are determined to create a racecourse which does justice to the quality of the racing staged there and the owners, trainers and racegoers who make it such a special racing experience."
