Losses at Sheikh Mohammed bin Rashid Al Maktoum’s Godolphin stud operation here doubled last year to €11.34 million.

The widening loss at the stud and farm operation came as revenues at Godolphin Ireland Ltd decreased by 3 per cent to €31.1 million.

The accounts show a big contributor to the increase in losses was a non-cash €3.5 million write down in a financial asset.

Godolphin’s operation in Ireland comprises five farms in County Kildare, one in County Meath and two in County Tipperary.

The accounts follow a strong year on the track by Godolphin trained horses around the world.

In May this year, Godolphin created history with four Classic winners in three days where Good Cheer, Sovereignty, Ruling Court and Desert Flower completed an unprecedented clean sweep of the Classics at Newmarket and Churchill Downs in the US that included Sovereignty winning the 2025 Kentucky Derby there.

The HQ for the Irish operation here is Kildangan Stud, just outside Kildare town.

Kildangan itself is home to the Irish-based Darley stallions and the farm extends to almost 1,500 acres with combined accommodation for more than 400 horses.

Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world’s richest leaders and has poured billions of euro into the industry over the past 40 years.

The Irish operation recorded the losses after incurring €14 million in lease costs and the €3.5 million write down of the financial asset.

Numbers employed at the Godolphin Irish operation last year reduced from 227 to 209.

Staff costs increased from €13.29 million to €13.64 million.

Nomination fee income last year decreased 5 per cent to €23.7 million while Godolphin Ireland recorded “keep fees” income of €5.89 million, farm income of €708,776, breeding rights of €673,750 and leasing income of €43,861

The loss takes account of non-cash depreciation costs of €2.09 million.

The loss resulted in Godolphin Ireland having accumulated losses of €210.4 million at the end of last year and a shareholders’ deficit of €182.57 million.

On the company’s going concern status the directors state that Godolphin Ireland has received written confirmation of continued support from a group company, Reliance Holdings Ltd and that it will settle all third party liabilities.

At the end of December last, Godolphin Ireland owed €277.48 million to Reliance Holdings.