AS the fifth week of the examinership of Horse Sport Ireland (HSI) draws to a close, the body has taken the step of appealing for investors. An advertisement in last Sunday’s Business Post invited potential investors to get in touch with JW Accountants, the accountancy firm of the High Court-appointed examiner, Joe Walsh, with a deadline of 4.30pm yesterday, Friday. No further details were provided outside a brief synopsis of the body’s history and duties.

When asked to explain how an investor would affect the structure of the company, or what return on investment would be offered, HSI said: “As HSI is currently under the protection of the Court, the process concerning expressions of interest from prospective investors is being handled by the Examiner. It would therefore not be appropriate for HSI to comment on the matters raised.”

‘Impediment’

Meanwhile, Fianna Fail senator Joe Flaherty criticised HSI in the Seanad this week. “This summer finally saw HSI enter examinership,” he said, “and, finally, the rest of the country knew what those in the sector have been saying for many years, namely that HSI is, in fact, an impediment to the growth of a sector that the examiner, Joe Walsh, has said is worth in excess of €1 billion annually and employs upwards of 20,000 people.

“We are not likely to hear again from those behind the examinership process until early October. However, many within the sector were taken aback by comments from Ross Gorman, counsel for the examiner, who said there was a distinct possibility that they may be able to salvage HSI. He spoke about broad consultation with directors, senior executives, employees, creditors, Revenue, bankers and other stakeholders.

“I want to try to give voice to the people who are very much at the heart of the €1 billion industry every year. These are the breeders and horse owners, the man with one horse, the man who might have one foal a year and the people who have given blood, sweat and tears to this industry over the years. It is important that their voice be heard.

“For the past four years, HSI has been bedevilled by controversy, all of its own making. As far back as October 2022, the board split amid CEO controversy. In November 2022, there was an attempted removal of the CEO, six directors resigned, and there were reports of a €650,000 severance package and settlements. In 2023, five former staff took court cases against HSI in just two years. In October 2023, there were reports of hurdles remaining for HSI after the boardroom fallout the previous year.

“Fast forward to July 2024 and divisions deepened between HSI and affiliates. In 2024, we had the absolute calamity of the passport and IT failure, when we saw a complete breakdown in the issuing of passports for foals and new horses. In 2025, show jumpers revolted. In October 2025, there had been more bullying complaints and eventing owners had complained.

“In front of our eyes, we saw a much-loved sector literally falling apart under the gaze of an organisation that is heavily funded by the Government to support and promote the sector. Finally, in August 2026 there was the financial crisis and the entry into examinership.

“No other State-funded organisation or affiliate has undergone such a barrage of criticism and damning reportage over a four-year period. The facts are telling and beyond question. The facts cannot be ignored. This examinership process presents the perfect opportunity to finally disband HSI before it can do any more damage.”

Regarding Senator Flaherty’s comments, a HSI spokesmand said: “It is disappointing that in a scenario in which everyone’s focus should be on working to retain as many jobs as possible at HSI within the Examinership process, certain politicians instead chose to unfairly attack HSI and present a one-sided version of a series of historic issues, that are entirely unrelated to the Examinership”.