THE STATE company responsible for running greyhound racing in the Republic plans to save €2 million next year, but pledged that prize money would not be cut.
The move follows the Government's announcement that it plans to cut funding to the State's Horse and Greyhound Fund in 2009 by 9 per cent.
The fund is tied to the money raised in betting taxes from bookmakers. This will double to 2 per cent from January.
The Irish Greyhound Board said that its chief executive, Adrian Nielan, and a number of his colleagues would take a voluntary 5 per cent pay cut as part of a plan to save €2 million next year. The board would also ask senior staff on salaries of more than €50,000 a-year to agree to a pay freeze in 2009.
However, the board said that it would not cut prize money from the levels paid this year. Chairman Dick O'Sullivan described this as one of the industry's cornerstones.
The company is also planning to achieve cost efficiencies across all departments, which will include changes to its tote betting and levy operations.
The board recently announced that its proposed redevelopment of Limerick Greyhound Stadium will go ahead in March, but it is reviewing other capital spending plans pending any announcement of proposals to restructure the Horse and Greyhound Fund.
Greyhound racing employs 11,000 people on a full and part-time basis around the Republic.
Horseracing Ireland (HRI) recently announced plans to cut its costs, which included a €4.2 million reduction in prize money, proposals to save €1.3 million in central overheads and administration and a pay freeze for all staff.
