Anyone that watched the IGB appearance at The Public Accounts Committee will remember the confusion regarding the IGB business plan or if such a plan even existed. The IGB have submitted a document to the PAC.

The original document is titled Updated Financial Projections supporting the IGB strategic plan  and is dated May 29 2015.—Irish-Greyhound-Board.pdf


On May 29 2015 the CFO at IGB projected that the 2015 tote would be €26.4 million, a 33% increase from 2014 tote of €19.9 million. This was a brave shout as 2014 had been the eight consecutive year of declining tote. The brave call by the CFO was really wishful thinking as the 2015 tote according to IGB accounts actually declined and is €19.5 million. Nine years in a row of declining tote.

The CFO had projected further increases in 2016 to €27 million and to €28.4 million for 2017.  I would suggest that IGB tote for 2017 is unlikely to reach €10 million.

The CFO has got all the projections wrong. He had forecast that operating costs would be €8.7 million and the actual figure turned out to be €12 million, an underestimate of almost 40%.

Total turnover from racing facilities was projected to be €31.6 million but the accounts show €28 million, a 12% over estimation by the CFO.

Media and other income was forecasted to be €303,000. The figure achieved according to the accounts is €100,000 or one third of what the CFO had forecast.

Legal fees were forecast to be €355,000 and turned out to be €1.4 million. IGB will claim that the pay out came sooner than they had anticipated. The case was ongoing since 2010 but IGB declined to budget for this contingency in their forecasts for 2016 or 2017 either.

This letter has been presented as some sort of a business plan. It clearly demonstrates the inability of IGB to run its business. The pattern of the forecasting is consistent, the CFO has grossly overestimated the income of the IGB and has grossly underestimated the costs associated with running the IGB.  How can an organisation produce such inaccurate figures for even the first year of their business plan? The numbers for 2017 are total fantasy.

For how long more are Ministers Creed and Doyle going to ignore the obvious shortcomings of this Board?

The IGB are currently looking for submissions for their new strategic plan.

Call Podge & Rodge