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Prizemoney Cuts

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  • 30-08-2014 2:06pm
    #1
    Nowso
    Moderators, Sports Moderators Posts: 5,427 Mod ✭✭✭✭


    The IGB has announced that race grants for winning greyhounds will be returning to 2012 levels from Monday due to the continued adverse economic climate which has resulted in declining numbers attending the greyhound meetings. The release reads as follows:

    Press Release

    The Irish Greyhound Board has announced race grants for winning greyhounds will be returning to 2012 levels from September 1st 2014. Payments to trainers are also being reduced by 20% and deductions from race grants for breeding incentive, introduced in January 2013, will also be reversed. .
    At the time of the increase, the IGB had anticipated additional income from its Stadia. The continued adverse economic climate has resulted in further declines in the numbers attending greyhound meetings with a corresponding reduction in stadium income.
    Even with this change the IGB plan to contribute in excess of €5.0m in prize money to the greyhound industry in 2015. The IGB Chairman Mr Phil Meaney emphasised that “while these measures are vitally necessary at this time, the Board of the IGB will keep the performance of the industry under strict scrutiny to ensure any additional income generated from the ongoing review of the Industry is reinvested in the industry”
    The decision, which is in line with the recommendations in the Indecon Report, forms part of an overall package of cost reduction measures. These measures together with income growth from domestic and international markets are aimed at the long term stabilisation and sustainability of the industry. The measures will also be accompanied by an overall restructuring of the organisation, the development of an asset disposal strategy and a new incentive scheme to be developed in conjunction with all stakeholders in the industry.
    Commenting on the decision the IGB CEO Geraldine Larkin said “the reversal of the 2012 announcement has been a very difficult decision to take as it impacts on all aspects of the greyhound racing industry. My objective is to work with all those in our industry to develop a long term plan to ensure the continued growth and development of the industry. A key part of this work will be the development of a new incentive scheme to support the industry, broaden ownership and market the Irish greyhound as a world class product.”


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