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Over €1.5m ready to be spent at Irish sales through IRE Incentive

Since its launch in 2021, Horse Racing Ireland's IRE Incentive program has awarded over €3,500,000 in €10,000 bonuses to the owners of Irish-bred winners of scheme races.

The IRE Incentive scheme awards a bonus of €10,000 to owners of Irish-bred winners of selected races across the Flat and National Hunt programmes in Ireland and Britain and the owners of each eligible winner–those carrying the [Ire] suffix and Foal Levy compliant–have until the end of the following year to spend their bonus on Irish-breds at Irish sales. Over 250 individual owners have won bonuses, which have so far contributed to over €10,000,000 in turnover at Irish sales, a figure expected to increase markedly in the coming months as bonus-winners return to Ireland with over €1,500,000 to spend on Irish-breds.

“We are thrilled that the IRE Incentive scheme has been achieving its aim in rewarding and encouraging investment in Irish-bred stock,” ITM CEO Charles O'Neill commented. “To have such a diverse range of owners ready to reinvest as the Irish sales season gets into gear is a major boost for the Irish industry.”

Irish National Stud CEO Cathal Beale commented: “The IRE Incentive is a superb and proven scheme that has generated substantial inward investment for Ireland and increased demand for our world-class Irish-bred stock at the sales. Huge credit must go to Horse Racing Ireland, backed by the Irish government, for implementing such an effective scheme. Long may it continue.”

The scheme is funded by Horse Racing Ireland and managed by Irish Thoroughbred Marketing, with support from the Irish Thoroughbred Breeders' Association and the Foal Levy. A list of the IRE Incentive races and scheme terms and conditions are available on the ITM website.

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Rider Subsidy And Bursary Announced By The George Mernagh Memorial Fund

A new subsidy and bursary programme to encourage qualified riders (amateur jockeys) into racing was established by the George Mernagh Memorial Fund (GMMF) on Friday. The programme is open to all riders with the appropriate experience who aspire to become a qualified rider. Horse Racing Ireland's education, training, and people welfare division Equuip will manage both programmes.

All aspiring jockeys who take out their qualified riders license will qualify for the GMMF subsidy, as well as a number of bursaries that cover the cost of a licences, helmet and back protector. The George Mernagh Memorial Fund was established in honour of the former jockey and Tattersalls Ireland Chief Executive who passed away from cancer in July 2011.

“George Mernagh was a shining example of someone who maximised the opportunity which becoming a qualified rider offers,” Richard Pugh, Tattersalls Ireland Director and former qualified rider, said. “Following a period as a qualified rider in point-to-points, an inevitably successful career as a professional followed. From there his career progressed further to becoming the Managing Director of Tattersalls Ireland.

“In no other sport can you change in the same changing rooms and compete with professionals on the very same playing pitch whilst retaining amateur status, so it seems fitting that this initiative, developed in his memory, will afford the opportunity for many more riders to enjoy the QR benefits both in the saddle and beyond.”

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The Curragh Fixtures Rearranged After Sunday Card Called Off

Sunday's meeting at the Curragh, which was cancelled due to waterlogging, will now be held on Sunday, Aug. 13, Horse Racing Ireland announced.

The G2 The Minstrel S. will now be contested this Thursday, July 27, at Leopardstown and the race reverts back to entries after final forfeit stage with fresh declarations to be made by 10 a.m. on Tuesday, July 25. The G3 Rathbride Fillies S. will be contested next Saturday at Gowran Park and will close for fresh entries along with the remainder of the Gowran Park meeting by noon this Tuesday, July 25. The Hurry Harriet Fillies S., which was due to be held at Gowran Park on Wednesday, August 16, will now be offered on the Curragh's rescheduled meeting on Sunday, Aug. 13 with entries closing on Tuesday, Aug. 8 with the remainder of the Curragh card.

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HRI Partners With Aer Lingus College Football Classic For Three Years

Horse racing will become part of the annual celebration of American College Football in Ireland featuring a Stars and Stripes themed race night at Leopardstown Racecourse after a three-year partnership was announced between Horse Racing Ireland (HRI) and the Aer Lingus College Football Classic.

The 2023 edition of the Aer Lingus College Football Classic game, featuring Notre Dame versus Navy at a sold out Aviva Stadium on Saturday, Aug. 26, is estimated to be worth €147 million to the Irish economy. The Leopardstown race night is one of approximately 50 official events taking place in the week preceding the game and will be held on Aug. 24.

U.S.-based buyers spent €18.8 million on 142 Irish Thoroughbreds last year, an increase on €2.1 million on the previous year's value, and the 2022 sales figures represent a 55% increase over the course of the past five years, when just €8.5 million was spent in 2018. Ireland's public bloodstock sales were worth €538m last year, the second highest in the world.

Private sales of Irish bloodstock in 2022 were estimated to be worth around €120 million, according to the HRI-commissioned Deloitte report – Social and Economic Impact of Irish Thoroughbred Breeding & Racing 2023 which was published last month. This places the total value of Irish bloodstock sales at €658m for last year. Over a quarter of all registered owners of Irish racehorses are based overseas and the US is home to approximately 20% (243) of these overseas owners making it the second largest overseas market for Irish racehorse ownership behind the UK.

Paul Dermody, CEO of HRI Racecourses and HRI Director of Commercial & Marketing, said, “The U.S. Bloodstock market is the biggest in the world, but the international reputation of Irish horse-breeding is driving significant interest from U.S. buyers and resulting in year-on-year growth in bloodstock sales to US buyers. The team at Irish Thoroughbred Marketing are doing a fantastic job in attracting US buyers to Ireland and growing that segment of the overseas buyer market in both public and private sales.

“The ties between Irish and US horseracing have never been stronger with a host of Irish-bred Grade I winners in the U.S. in 2022 and the likes of Joseph O'Brien being backed by U.S. investors to set up a satellite yard in Saratoga in New York. HRI's partnership with the Aer Lingus College Football Classic will allow us to develop new avenues to connect with US buyers and further enhance our offering to US buyers.”

Tim Husbands, CEO Leopardstown Racecourse, said, “Leopardstown Racecourse and Aer Lingus College Football Classic have a mutual ambition to develop our respective sports by introducing new audiences. The creation of the Stars and Stripes Race Day is to develop a sporting event that celebrates the best Irish music, sport, and dancing with fun of an American tailgate party.”

Brendan Meehan, Commercial Director of ALCFC, said “Horseracing in Ireland is very popular and plays an important role in Irish–U.S. relations, so to have the Stars and Stripes race meeting in Leopardstown Racecourse on the Thursday evening before the game provides a wonderful opportunity for U.S. visitors to experience the fun, the ambiance and everything that Leopardstown has to offer.”

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