Horse Racing Ireland executive resigns unexpectedly-Coolmore China deal on hold

[PaddyJoe]

I have an idea that there's a bit more to this than meets the eye.

In Ireland, Michael O'Hagan has tendered his resignation as both Horse Racing Ireland's director of communications & international affairs, as well as Irish Thoroughbred Marketing's chief executive. O'Hagan has been chief executive of ITM since 2001

http://www.breedingracing.com/news/2...op-irish-jobs/

[PaddyJoe]

Business was looking up for Michael O'Hagan and Irish Thoroughbred Marketing just two months ago:

Michael O’Hagan and Caroline Kennedy are currently in China and were present at the announcement that the Chinese Government has chosen Ireland to be its partner in the establishment of a multibillion dollar thoroughbred breeding and training facility in China. Simon Coveney, Minister for Agriculture, Food & Marine,is also in China and was pivotal in the negotiations, saying that the partnership with one of the world’s economic superpowers will be worth around €40 million in exports for Ireland within three years. Under the agreement, Coolmore Stud has been invited to be joint-venture partner in setting up the facility, which will occupy a 3.3 million square metre site in the country’s fourth most populated city, Tianjin, and will be called the Tianjin Equine Culture City (TECC)

http://www.itm.ie/Content/ITM/itmNews.aspx?id=18724

[PaddyJoe]

Full story in The Examiner:

The new director of international affairs at Horse Racing Ireland has resigned after twice being sanctioned for a serious conflict of interest involving his wife’s business.
Michael O’Hagan, also the chief executive of Irish Thoroughbred Marketing, quit with immediate effect on Monday.

http://www.irishexaminer.com/ireland...st-197368.html

[PaddyJoe]

O'Hagan will be missed. Looks like he was an assiduous advocate for the industry:

A good racehorse could reap handsome dividends -- as long as luck and good judgement are on your side.

"You could spend a couple of hundred thousand euro on a good racehorse -- or you could pay between €2,000 and €20,000 for one," said Michael O'Hagan, chief executive of Irish Thoroughbred Marketing. "If you buy a good racehorse at a good price, you could double your money by winning two or more races. If you win one race, the prize money could be between €7,500 and €8,000."

Don't overlook the costs of owning a racehorse, however. "To keep a racehorse in training will cost between €15,000 and €20,000 a year," said O'Hagan. "If you're considering buying one, get advice from someone trusted in the industry

Like who, Michael?
http://www.independent.ie/business/p...s-2853888.html

[Frankie Lee]

Worth a read
http://www.irishracing.com/blog/blog...ights-a-match/

[PaddyJoe]

Simon Coveney launched a review of the Irish horse racing industry in Galway yesterday:

Addressing an audience of industry figures at the launch of the review in Galway yesterday, Mr Coveney appealed to all involved in horse racing to make comments and criticisms known to him over the next few weeks. He said he was determined to begin implementing some of the recommendations in the autumn.

The funding analysis indicates that the main potential source of additional funding is from the betting industry and it calls for measures to be introduced to secure a significant increase in taxation from this sector.

Mr Gray pointed to the large size of the 16-member board of Horse Racing Ireland, the body charged with the overall administration of the sport, and acknowledged that the size and diversity of interests may constitute a weakness from the perspective of efficiency and effectiveness.

The review strongly recommends changes in the nomination process and composition of the board of Horse Racing Ireland to address fundamental issues concerning ministerial and government accountability for the use of taxpayer funds.

Hmm. So there are fundamental issues concerning accountability for the use of taxpayer funds?
What kind of issues?
And why does Alan Gray still get all these juicy contracts for government reports?
http://www.irishtimes.com/newspaper/...321232756.html

[TotalMayhem]

Correction...

Addressing an audience of industry figures at the launch of the review in a tent in Galway yesterday...

[PaddyJoe]

The Examiner has a headline tomorrow which claims that this Chinese investment mentioned a few posts up has been put on hold:

Michael O’Hagan and Caroline Kennedy are currently in China and were present at the announcement that the Chinese Government has chosen Ireland to be its partner in the establishment of a multibillion dollar thoroughbred breeding and training facility in China. Simon Coveney, Minister for Agriculture, Food & Marine,is also in China and was pivotal in the negotiations, saying that the partnership with one of the world’s economic superpowers will be worth around €40 million in exports for Ireland within three years. Under the agreement, Coolmore Stud has been invited to be joint-venture partner in setting up the facility, which will occupy a 3.3 million square metre site in the country’s fourth most populated city, Tianjin, and will be called the Tianjin Equine Culture City (TECC)

http://www.itm.ie/Content/ITM/itmNews.aspx?id=18724

[PaddyJoe]

A deal to ship twenty thoroughbred mares from the Coolmore stud to China has been put on hold.

The deal had been announced as a highlight during Agriculture Minister Simon Coveney’s 127-person trade delegation to China last April.

Sources close to Coolmore insist the project will go ahead and that the mares and their foals will be sent to China next year, along with a further 20 mares.

The China trade mission has already provoked controversy due to the activities of the former chief executive of Irish Thoroughbred Marketing, Michael O’Hagan.

He had organised much of the equine element of the trip but was later forced to resign due to unease at private deals his wife brokered with visiting Chinese clients

In 2010, Tianjin’s proposed horse city was billed as the ambitious scheme to bring its industry onto a global stage. However, it had an unsure start.

In Mar 2010, the Dubai-based Meydan operation was revealed as the joint venture partner along with the Chinese government and engineers in Malaysia.

Meydan — a construction vehicle for Sheikh Mohammed, the ruler of Dubai and prime minister of the United Arab Emirates — has since exited the scheme. It is not known who is currently earmarked to handle the construction.

http://www.irishexaminer.com/archive...ld-204219.html

[TotalMayhem]

A deal to ship twenty thoroughbred mares from the Coolmore stud to China has been put on hold.

So they're not gonna beat Waterford Crystal Meth in de next Olympics!!!

[PaddyJoe]

Ming Flanagan asked Michael Noonan in the Dail today why Horse Racing Ireland is exempt from VAT. Noonan replied with some obfuscatory civil service verbiage and Ming came back with an observation that it shouldn't have VAT free status and Noonan seemed to agree.
Ming then asked how that had happened and Noonan said he didn't quite know and they could discuss it over a cup of coffee. Knowing smile from Ming.
Curious exchange.