https://drive.google.com/file/d/0B1Hn1-VfufNKVFJmbXhHMTRFSms/edit?usp=sharing

 

The financial situation of IGB continues to deteriorate.

 

Total debt has risen to                                €35,623,361

 

Creditors falling due within 12 months  €5,551,735

 

Creditors falling due after 12 months     €22,849,626

 

Pension Deficit                                             €7,222,000

 

The turnover from racing facilities has dropped to €29,542,633. The total debt now exceeds the annual turnover.  Adrian Neilan was appointed CEO IN 2007. The total debt of IGB on 31 Dec 2007 was €16.8 million, turnover from racing facilities was €63.43 million.

 

The notes attached are shocking and vindicate the projections of IGOBF. AIB Bank currently holds the deeds for all IGB stadia. The IGOBF have consistently warned that there is a serious risk to the stadia if the financial performance of IGB does not improve.

 

The Chairman has for the first time acknowledged this, page 9

 

“The system of internal financial control provides reasonable but not absolute assurance that assets of Bord Na gCon are safeguarded”

 

The Comptroller and Auditor General’s report, page 13

 

“Without qualifying my opinion, I draw attention to Note 24 to the financial statements. This discloses that the Bord considers that preparation of the financial statements on the going concern basis remains appropriate, based on the assumption of continued State funding and of future increases in profit from racing facilities and new income streams”

 

These assumptions are extremely ambitious and it is unlikely that any will actually happen.

 

Funding continues to be reduced yoy, the shambolic wastage of tax payers money by the Board is becoming an issue for previously supportive politians.

 

The combined losses at the Board owned tracks was €1.1 million for 2012 and the opinion around the country is that crowds in 2013 fell again.

 

The Board, as of yet, has not produced evidence of one paying new income stream.

 

There is a belated and slightly cryptic reference to the purchase of “Talking Dogs” from the Greyhound Weekly in 2008. Page 22

 

There is an admission of a secondary deal for purchase of the Limerick car park, also 2008. Page 23

 

I expect the Public Accounts Committee should be particularly interested in these notes.

 

The excuses for audit failure sound pathetic (page 9) and would not be tolerated in a normal company.

 

Tote has dropped from €23,868,379 in 2011 to €22,155,001 in 2012, a reduction of 7%.

 

Prize money has been reduced by €48,914.

 

Entry fees and sponsorship is €2,138,229. IGB contribution to prize money is €5,061,919.

 

Staff costs (page 30) have risen from €7,059,804 to €7,100,069.    If you want to make money from greyhounds then get a job with IGB.

 

Michael Lowry influence in Fine Gael is obvious with the reappointment of his bag man, Billy O Dwyer during 2012. Bertie Ahern had to have his arm twisted to appoint Dwyer in 2008. http://www.broadsheet.ie/2011/04/09/you-can-almost-smell-the-sleaze/   It is not obvious why Minister Coveney would accede to Lowry but still refuse to allow greyhound owners a nomination onto the Board.

 

graph turnover v debttote igb v hri

 

Horse Racing Ireland appears to be dealing with the recession far better than IGB