Racing Watchdog of ‘Serious Concern’ Over €350,000 Transfer from Jockeys’ Emergency Fund to Regulator The Irish Horseracing Regulatory Board (IHRB) has expressed “serious concern” over a €350,000 transfer from the Jockeys’ Emergency Fund to the regulatory body, as reported by The Irish Times. The Jockeys’ Emergency Fund is a charitable organization that provides financial assistance to jockeys who have been injured or fallen ill during their careers. The transfer of funds to the IHRB has raised questions about the proper use of the money intended to support jockeys in need. According to sources, the transfer was made in 2021 without the knowledge or approval of the Jockeys’ Emergency Fund trustees. The trustees have since been replaced, and an investigation into the matter is ongoing. The IHRB, which is responsible for regulating Irish horse racing, has declined to comment on the transfer, stating that it is an internal matter for the Jockeys’ Emergency Fund. The fund has also not publicly addressed the issue. The transfer has sparked outrage within the racing community, with many jockeys expressing concern about the misuse of funds intended to support their well-being. The Irish Jockeys’ Association has called for a full and transparent investigation into the matter. The Irish Times reports that the transfer was part of a larger financial arrangement between the Jockeys’ Emergency Fund and the IHRB. The fund had been providing financial support to the regulatory body for a number of years, but the €350,000 transfer is said to have been a one-off payment. The investigation into the transfer is expected to take several months. In the meantime, the IHRB has assured the public that it is committed to maintaining the integrity of Irish horse racing and providing a safe and fair environment for all participants.Irish Horseracing Regulator Faces Financial ScrutinyIrish Horseracing Regulator Faces Financial Scrutiny Ahead of the Irish Horseracing Regulatory Board’s (IHRB) appearance before the Dáil Public Accounts Committee (PAC) next week, it has been revealed that the “bombshell” financial issue raised by the sport’s regulator to the PAC involves a transfer of €350,000 from the Jockeys’ Emergency Fund to the IHRB in early 2022. The transfer was reversed three months later. Following an audit firm’s independent report, the IHRB’s 2022 annual report disclosed the €350,000 transfer in January 2022, which was reversed in April. The note in the report states that the transfer “is the subject of an independent external review.” The reason for the transfers remains unclear. The IHRB manages several charitable funds that support injured jockeys, and the transfer is reportedly part of the investigation. The financial issue was first raised by IHRB chief executive Darragh O’Loughlin last June, leading to the suspension of chief financial officer Donal O’Shea. O’Loughlin has dismissed allegations of personal gain or misappropriation of public funds. The IHRB, which oversees Irish racing, has faced public criticism in recent years, particularly regarding doping issues. It is a private body with an operating budget of €11.4 million for 2023. The IHRB’s annual reports for 2021 and 2022 have been published, but a Mazars’ report on the financial matter is still pending. Senior IHRB officials have reportedly received a draft copy. The Jockeys’ Emergency Fund, one of the funds administered by the IHRB, provides aid and support to jockeys. It was established in 1933 and was listed as a charity in 2014 before being removed from the register in 2021. O’Loughlin stated that the IHRB alerted relevant authorities and commissioned Mazars to conduct the independent review. The report’s recommendations will be published upon its completion.Racing watchdog of ‘serious concern’: €350,000 transfer from Jockeys’ Emergency Fund to regulator The Irish Horseracing Regulatory Board (IHRB) has confirmed it received a €350,000 transfer from the Irish Jockeys’ Trust Emergency Fund, a charity that provides support to injured riders and their families. The IHRB stated it was “deeply concerned” about the transfer, which was not discussed with the board prior to being made. The IHRB said it would “fully investigate” the matter and would “take appropriate action as necessary.” The Jockeys’ Trust Emergency Fund has not commented on the transfer. The IHRB is the independent statutory body responsible for the regulation of horse racing in Ireland. It is funded by a levy on the Irish horse racing industry. The Jockeys’ Trust Emergency Fund is a charity that provides financial support to injured jockeys and their families. It is funded by donations from the public and the horse racing industry. The transfer of funds from the Jockeys’ Trust Emergency Fund to the IHRB has raised concerns about the financial management of the regulator. The Irish Racehorse Trainers Association (IRTA) has called for “full transparency” on the matter. The IRTA said it was “deeply concerned” about the transfer and called on the IHRB to provide a full explanation. The IHRB has said it will “fully investigate” the matter and will “take appropriate action as necessary.”