An extra €5m is being raised for Curragh Racecourse redevelopment

The funding for the new Curragh Racecourse redevelopment has increased to €70m after investors have provided more cash.

The cost of the project at Irish racing’s headquarters was originally put at €65 million but the Horse Racing Ireland (HRI) confirmed it's intention is to have €70m available.

Being planned at the famous venue is a new grandstand, weigh-room and parade ring while a museum of Irish racing is also in the designs.

Investors

A new company overseeing the redevelopment is made up of the Turf Club, the State – through Horse Racing Ireland and private investors.

Investors such as Coolmore Stud and the Aga Khan have been generous financial supporters of the scheme.

HRI chief executive told the Irish Times: "“The intention has always been to look for more investment and we are actively doing that."

€70 million 

He added; “Financially we were originally looking at €30 million from investors, €30 million through HRI and €5 million in debt. The Turf Club’s third was made up of the asset and goodwill. Now we have €32 million from investors, HRI’s €30 million, and the intention is to bring the sum up to €70 million for the project.

“That would leave plenty of wriggle room and that’s welcome with the nature of these things. Most importantly it will allow the new company to immediately trade profitably and with no legacy debt."

New season 

The first action of the 2017 Season begins on May 13 with a quality seven-race programme including the Group 3 Blue Wind Stakes.