Irish Greyhound Board (IGB) Board chairman Phil Meaney announced last week that due to it's current financial predicament (€21 million debt and €6.8 pension deficit), IGB would be "sweating" and selling assets. Among the assets to be sold is the famous Harold Cross Greyhound Stadium in Dublin.
The comments were made by Meaney as he addressed an Oireachtas agriculture committee on the back of an Indecon Report published in July 2014 called " Review of Certain Matters Relating to Bord na gCon". The Indecon Report outlined the critical challenges facing the industry and noted that between 2006 and 2013 there was "an overall decline in revenue from €63.5 million to €28.2 million...and represents a fall of 55.6% over the period". A link to the full report, and IGBs reply, can be found here.
The reason IGBs chairman had to sit in front of an Oireachtas agriculture committee is because Bord na gCon is heavily funded by the State. The figure below shows the level of State funding for the sport since 2001. Between 2001 and 2010 the money was allocated through the Horse and Greyhound Fund (of which the greyhound racing receives 20%) and fell under the remit of the Department of Arts, Sports and Tourism. Since 2011 support as been allocated under the Department of Agriculture Vote.
One can only imagine where the industry would be without government support.