Last minute deal saves Punchestown
Next year’s European Eventing and Endurance Championships saved as future looks brighter for Punchestown racecourse
The 2003 European Eventing and Endurance Championships have been reprieved by a last-minute deal to secure the future of Punchestown racecourse.
The Punchestown company, owned by the Kildare Hunt Club (KHC), was threatened with liquidation due to its spiralling debts, but the Irish racing industry’s governing body, Horse Racing Ireland (HRI), stepped in with a rescue bid which was last week unanimously accepted by the members of the KHC.
Former director Nick Bullman, who resigned over the issue, agreed to back thedeal after creditor GT Equinus accepted e2.1m in settlement of its e3.8m preference share investment.
HRI is set to inject e2.5m fresh capital into Punchestown; 12 acres of land surrounding the racecourse will be sold for housing to increase liquidity and assist with paying off loans.
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