THE seven private investors backing the new Curragh Racecourse project have already committed €25 million to the project. In return they will own 33% of the racecourse.

Since 1790 the Turf Club has had sole control of the Curragh, the land being leased from the Department of Defence in modern times. However the Turf Club will only own one-third of the new €65 million racecourse under plans revealed this week.

The Coolmore partners, Godolphin, Eva-Maria Bucher Haefner, J.P. McManus and the Aga Khan will also own 33% and the state, through Horse Racing Ireland, will own the remaining one-third.

At this week’s launch Coolmore spokesman Eddie Irwin said that the Government’s decision to increase industry funding in the last two Budgets was a major factor in convincing his principals to support the Curragh. “It gave them confidence in the future of the industry here,” Irwin said.

At a presentation of ‘A Vision for a New Curragh’ this week the Minister for Agriculture Simon Coveney welcomed the establishment of a new company, Curragh Racecourse Limited, which will own, operate and re-develop the Curragh Racecourse and Training Grounds from January 1st, 2016.

The development plans for the racecourse include a new grandstand, weigh-room and parade ring, while the arrivals and reception area of the racecourse will incorporate 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.

A public consultation is scheduled for next month ahead of the proposed submission of a planning application before the end of the year. It is hoped that the new racecourse will open 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 who will form the Board of the new company, which will be chaired by Kildare native, former CEO of the ESB and current chairman of Eir, Padraig McManus.

The company will assume full responsibility for the Curragh Racecourse re-development project and, with effect from 1st January 2016, the business, assets and staff of the Curragh racecourse and training grounds will transfer over to the new company.

Minister Coveney said: “We have put together a unique partnership to build something extraordinary that reinforces the message that Ireland intends to stay at the top of the tree in horse racing.”

Padraig McManus, chairman of Curragh Racecourse Limited, said: “It is an honour to chair this project which means so much for Co Kildare and for Ireland. 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.”

Neville O’Byrne, Senior Steward of the Turf Club, said: “The new Curragh Racecourse will be the realisation of a long-held ambition to create a world-class racecourse in place of the current facilities which date back to the 1960s. The Curragh can now take centre stage in the next phase of growth for thoroughbred flat racing in Ireland.”

Joe Keeling, chairman of Horse Racing Ireland, said: “This is the most important venture in the modern history of Irish racing. The Curragh will be benchmarked against the best racecourses in Europe. It will be profitable, with customers whose loyalty is built around exceptional racing, facilities and customer service. It will be central to the revitalisation of flat racing which has already begun with the development of Longines Irish Champions Weekend.”