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Full Complement Of Irish Racecourses Agree To Media Rights Deal

All 26 Irish racecourses have approved the Racecourse Media Group (RMB)/SIS Media Rights deal and have authorised the Association of Irish Racecourses (AIR) to sign the contracts on their behalf, AIR announced on Friday. The deal will begin on Jan. 1, 2024.

In May, 21 of the racecourses agreed to the deal, with Kilbeggan, Roscommon, Sligo, Limerick and Thurles Racecourses rejecting it. This week, discussions were held with AIR and the HRI Media Rights Committee, which resulted in the quintet of outliers agreeing to the proposal.

Chairman of AIR, Conor O'Neill said, “Firstly, I would like to commend and compliment the executive of AIR and HRI who have supported the Media Rights Committee to ensure that the very best deal in the marketplace has been obtained for Irish Racecourses and indeed the wider industry. I can confirm that Kilbeggan, Roscommon, Sligo, Limerick and Thurles have decided to join the other 21 racecourses today and sign that deal. Furthermore, I look forward to working SIS and RMG now and seeing it come to fruition.”

Horse Racing Ireland, CEO, Suzanne Eade added, “This process has been exceptionally thorough and has delivered a superb deal for all 26 Irish racecourses. Horse Racing Ireland will be working closely with all racecourses and our media rights partners SIS and RMG to maximise the future revenue streams under the new deal.”

On behalf of the five racecourses who signed today, Pierce Molony said, “Having satisfied our principal objectives, UIR has agreed to sign-up to the current media rights deal negotiated between HRI and RMG/SIS. In particular, the membership of UIR is pleased by HRI's willingness to implement a proposed memorandum of understanding for racecourses during future media deal negotiations, and a review of media rights, as referenced by the Chairperson of the Public Accounts Committee, on 1st June last.”

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Media Rights Arrangements Unanimously Approved For 21 Of The Association Of Irish Racecourses By HRI Board

The new media rights arrangements for 21 of the 26 Association of Irish Racecourses (AIR) was unanimously approved by the Board of Horse Racing Ireland (HRI) on Friday.

This new agreement is for a period of five years beginning in 2024.The HRI Board welcomed the unanimous approval of the AIR Board for this deal and the authorisation for AIR to conclude contractual arrangements for 21 of its 26 member racecourses. The completion of the sale of the media rights for 21 racecourses as well as HRI's data rights for all fixtures will now be progressed in timely fashion. The United Irish Racecourses (UIR), comprised of Kilbeggan, Limerick, Roscommon, Sligo and Thurles rejected the new media rights deal earlier this week. HRI will be writing to the quintet of UIR racecourses separately.

Suzanne Eade, CEO of HRI, said in a statement, “To maximise the value of the media rights on behalf of racecourses and the industry, the HRI media rights committee engaged experts to provide a comprehensive valuation of the rights of Irish racing and to assist with the production of an extensive invitation to tender. While the process has been lengthy, the benefits will be significant as it has resulted in new media rights arrangements, approved today by the HRI Board, which represent an extremely positive deal for all Irish racecourses.

“Based on future growth projections, it is hoped that the total value [of Irish media rights] could grow by an estimated further 50% by 2028.

“The outcome has been a long-term deal which will underpin the financial viability of racecourses until at least 2028 and has been unanimously approved by the media rights committee, the board of HRI and the board of AIR.

“Whilst the terms of the media rights arrangements cannot be revealed for confidentiality reasons, the Joint Bid by Sports Information Services (SIS) and Racecourse Media Group (RMG) clearly offered the best financial proposition for Irish racing media rights across all the packages on offer, which was independently validated by an expert third party.

“This will see the overall percentage of the total revenues received by racecourses growing progressively over the next five years. The income flowing to racecourses will be distributed on an open, transparent and equitable basis, with each racecourse receiving revenues largely derived from the betting turnover on their respective individual fixtures.

“There are significant safeguards built into the new arrangements for racecourses with each venue guaranteed its 2022 average per race income in 2024. An easing-in provision has also been included for the first three years of the new deal to assist smaller racecourses as the model moves to a turnover basis. Virtually all racecourses are forecast to achieve higher revenues in 2025 than at present.

“HRI is extremely concerned that confidential information pertaining to the existing media rights arrangements appears to have been disclosed in breach of the strict confidentiality terms within the existing contract. It is deeply regrettable that confidential and commercially sensitive information within the proposed contractual arrangements for the future rights also appears to have been disclosed. HRI will continue to respect the confidential basis on which the bids were made.

“Much has been said in the media of the HRI earnings in this media rights agreement but without acknowledging that the earnings go directly back to developing the industry, assisting racecourses with capital development grants, paying for other racecourse supports and contributing to the funding of additional fixtures which provide opportunities for owners, trainers, jockeys and all industry participants. HRI has always been conscious of the role it plays in the industry and has consistently listened and reacted to the concerns of racecourses of every size in consecutive rights negotiations.”

To read Eade's full statement, please click here.

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Paul Hensey Named New CEO Of The Association Of Irish Racecourses

Paul Hensey has been appointed as the new Chief Executive Officer of the Association of Irish Racecourses (AIR) and begins his role later this month. He will replace Paddy Walsh, who is retiring after over two decades in the position, on Mar. 31.

Hensey was most recently the Chief Operating Officer of Al Shaqab Racing, and he also worked with the Turf Club for six years. Previously, he also spent almost 15 years managing the Curragh Racecourse and training grounds and was also a member of AIR. He served two terms on the board of AIR during this time.

Conor O'Neill, Chairman of AIR, said, “Over the last few months, AIR has embarked on a competitive public recruitment process to find our incoming CEO. This extensive search was expertly handled on our behalf by Principal Connections–executive search who are part of Agilium Worldwide, LLC, one of the world's top global executive search groups. Following a meeting of the board of AIR this afternoon, I am delighted to announce that Paul Hensey's appointment was formally approved.

“Paul will take over the reins from Paddy Walsh when he retires from office at the end of March. I would like to take this opportunity to congratulate Paul on his appointment and welcome him on behalf of the board and our members. I would also like to take this opportunity to thank our outgoing CEO Paddy Walsh who has played an integral role in the association and indeed the wider industry for decades. It has been my pleasure to work alongside him during my time as Chairman of the association and although we still have plenty of work to do between now and then I wish him the very best and every good wish for his retirement.”

Hensey added, “I am delighted with the appointment and feel this role really plays to my strengths. I am extremely proud of and passionate about the Irish horse racing product and I'm very much looking forward to getting involved in the racecourse side of the industry once again. Having been a member of the Association of Irish Racecourses for many years, I am keenly aware of the importance of this association, and the role it plays for our members and I am very much looking forward to getting started.”

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Paddy Walsh to Retire as Chief Executive of AIR

Paddy Walsh, the chief executive of the Association of Irish Racecourses, is to step down from his role early next year after two decades at the held.

AIR is an independent, not-for-profit entity which represents those who own and operate Ireland's 26 racecourses. He will retire in March 2023.

He said, “I will be officially retiring on March 31, 2023. In the interim, there are a few months of important work ahead of us. In order to find the best possible candidate for the position, we have decided to make this announcement sooner rather than later and get the recruitment process started well in advance of my departure.”

Following receipt of proposals from executive recruitment firms, Principal Connections (www.principalconnections.ie) has been appointed by the Association of Irish Racecourses to handle the search for their next chief executive.

Principal Connections is part of Agilium Worldwide LLC, ranked one of the world's top global executive search groups. It is intended that the position will be advertised in the media and on the AIR website in the coming weeks.

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