Major redevelopment plans for the Curragh, the home of Irish racing, are awaiting final written government sign-off and are due to be launched before the end of the month, when planning permission will also be submitted.
The project will involve investment of up to €60m.
While a small element of long-term debt may be part of the funding mix, the redevelopment will principally be financed by equity investment.
50% of the new equity is being provided by organisations and individuals with close association to the racing and bloodstock industry both at home and abroad, including the Aga Khan, Michael Tabor and John Magnier’s Coolmore operation.
The other 50% will be provided by Horse Racing Ireland, which will also lease the Curragh property to the Turf Club, its traditional owners.
The centrepiece of the development will be a sweeping new grandstand whose roof is so big, special tests had to be conducted in the United States to confirm it would withstand any strong winds blowing across the plains of the Kildare venue.
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