{"id":397439,"date":"2025-09-04T14:19:10","date_gmt":"2025-09-04T14:19:10","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/397439\/"},"modified":"2025-09-04T14:19:10","modified_gmt":"2025-09-04T14:19:10","slug":"losses-double-at-godolphin-irish-unit-the-irish-times","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/397439\/","title":{"rendered":"Losses double at Godolphin Irish unit \u2013 The Irish Times"},"content":{"rendered":"<p class=\"c-paragraph paywall b-it-article-body__text--left\">Losses at <a href=\"https:\/\/www.irishtimes.com\/tags\/sheikh-mohammed-bin-rashid-al-maktoum\/\" target=\"_self\" rel=\"noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/sheikh-mohammed-bin-rashid-al-maktoum\/\">Sheikh Mohammed bin Rashid Al Maktoum\u2019s<\/a> <a href=\"https:\/\/www.irishtimes.com\/tags\/godolphin\" target=\"_self\" rel=\"noopener\" title=\"https:\/\/www.irishtimes.com\/tags\/godolphin\">Godolphin <\/a>stud operation here doubled last year to \u20ac11.34 million.<\/p>\n<p class=\"c-paragraph paywall \">The widening loss at the stud and farm operation came as revenues at Godolphin Ireland Ltd decreased by 3 per cent to \u20ac31.1 million.<\/p>\n<p class=\"c-paragraph paywall \">The accounts show a big contributor to the increase in losses was a non-cash \u20ac3.5 million write down in a financial asset.<\/p>\n<p class=\"c-paragraph paywall \">Godolphin\u2019s operation in Ireland comprises five farms in County Kildare, one in County Meath and two in County Tipperary.<\/p>\n<p class=\"c-paragraph paywall \">The accounts follow a strong year on the track by Godolphin trained horses around the world.<\/p>\n<p class=\"c-paragraph paywall \">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.<\/p>\n<p class=\"c-paragraph paywall \">The HQ for the Irish operation here is Kildangan Stud, just outside Kildare town.<\/p>\n<p class=\"c-paragraph paywall \">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.<\/p>\n<p class=\"c-paragraph paywall \">Ruler of Dubai and vice-president of the United Arab Emirates (UAE), Sheikh Mohammed bin Rashid Al Maktoum, is one of the world\u2019s richest leaders and has poured billions of euro into the industry over the past 40 years.<\/p>\n<p class=\"c-paragraph paywall \">The Irish operation recorded the losses after incurring \u20ac14 million in lease costs and the \u20ac3.5 million write down of the financial asset.<\/p>\n<p class=\"c-paragraph paywall \">Numbers employed at the Godolphin Irish operation last year reduced from 227 to 209.<\/p>\n<p class=\"c-paragraph paywall \">Staff costs increased from \u20ac13.29 million to \u20ac13.64 million. <\/p>\n<p class=\"c-paragraph paywall \">Nomination fee income last year decreased 5 per cent to \u20ac23.7 million while Godolphin Ireland recorded \u201ckeep fees\u201d income of \u20ac5.89 million, farm income of \u20ac708,776, breeding rights of \u20ac673,750 and leasing income of \u20ac43,861<\/p>\n<p class=\"c-paragraph paywall \">The loss takes account of non-cash depreciation costs of \u20ac2.09 million.<\/p>\n<p class=\"c-paragraph paywall \">The loss resulted in Godolphin Ireland having accumulated losses of \u20ac210.4 million at the end of last year and a shareholders\u2019 deficit of \u20ac182.57 million.<\/p>\n<p class=\"c-paragraph paywall \">On the company\u2019s 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.<\/p>\n<p class=\"c-paragraph paywall \">At the end of December last, Godolphin Ireland owed \u20ac277.48 million to Reliance Holdings.<\/p>\n","protected":false},"excerpt":{"rendered":"Losses at Sheikh Mohammed bin Rashid Al Maktoum\u2019s Godolphin stud operation here doubled last year to \u20ac11.34 million.&hellip;\n","protected":false},"author":2,"featured_media":397440,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4107],"tags":[94780,288,1071,137230,79,16,15],"class_list":{"0":"post-397439","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-racing","8":"tag-godolphin","9":"tag-horse-racing","10":"tag-racing","11":"tag-sheikh-mohammed-bin-rashid-al-maktoum","12":"tag-sports","13":"tag-uk","14":"tag-united-kingdom"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/115146468307762441","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/397439","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=397439"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/397439\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/397440"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=397439"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=397439"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=397439"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}