IHRB awaiting independent report before commenting on apparent financial discrepancy

Irish racing’s regulator has insisted it will wait until the publication of an independent report on its overall financial governance before commenting specifically on an apparent discrepancy in money provided to various charities that support injured riders.

The Irish Horseracing Regulatory Board administers a number of funds that provide help and support to riders.

They include the Jockeys Accident Fund which was established in 1933 to provide benefit for professional jockeys and apprentices injured during a race meeting or in the schooling of horses.

Funding for the JAF includes levies on owners and jockeys as well as voluntary donations. It was listed as a charity in 2014 but was removed from the register of charities in 2021.

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The JAF features among a number of funds listed in IHRB accounts for 2019 and 2020 that have prompted speculation about errors in relation to apparent discrepancies worth almost €50,000.

Reports have suggested figures listed as remittance to the funds don’t tally with figures provided in the IHRB’s financial statements.

The IHRB’s 2019 accounts indicate it gave €37,488 to the JAF but in 2020 its report for the same year showed an increase to €64,479. Another fund, the Qualified Riders Accident Fund, was recorded as getting €2,380 in the IHRB’s 2019 accounts but €23,445 a year later.

In June the IHRB’s finances came under the spotlight after its chief executive Darragh O’Loughlin appeared before the Dáil’s Public Accounts Committee.

He told the committee that the IHRB’s chief financial officer, Donal O’Shea, was on a period of voluntary leave without prejudice to his position.

O’Loughlin outlined to the PAC how he had become aware of a “hitherto unknown issue in early 2022 which caused grave concern.” He described it as being “financial in nature” and labelled it a “bombshell”.

An independent review of the IHRB’s financial governance was set up by Horse Racing Ireland and is being carried out by Mazars, a leading international audit, tax and advisory firm.

In a context of speculation about a possible link between the two matters, on Tuesday an IHRB spokesman declined to comment on when that report will be published. He also wouldn’t comment on whether any information vacuum could provoke more unsatisfactory speculation on the nature of the financial matter of grave concern.

“We’ve engaged with Mazars. We’ve worked with them, and we await their findings now,” he said.

In June, Darragh O’Loughlin did outline how he didn’t believe the issue being examined by Mazars involves “anything in the nature of personal gain”. He also said it didn’t involve any misappropriation of public money.

Through HRI, the IHRB received €11.4 million of public money to carry out its integrity functions this year. State funding for the racing industry in 2024 was increased by 4.4 per cent to €76 million in last week’s budget. How that money will be spent, including on the IHRB’s integrity budget for next year, is yet to be decided but details could emerge from HRI in December.

In other news, the retirement has been confirmed of this year’s King George VI & Queen Elizabeth Stakes winner Hukum. The Shadwell-owned star, a full brother to last year’s European champion Baaeed, will join Darley’s list of stallions in Japan in 2024.

“I will forever be in his debt as he has brought my career to a whole new level. His enthusiasm for work and racing made my job easy,” said trainer Owen Burrows.

“His win in the Coronation Cup by over four lengths and King George win this year showed off all his fine attributes perfectly. Class, guts and will to win.