Top Irish stud farm Coolmore Stud, owned by successful racing tycoon John Magnier and based in Fethard, Co Tipperary, will help China set up a new horse racing industry, under a new agreement.
This new partnership agreement is estimated to be worth €40 million to Ireland over the next 3 years.
Sited in Tianjin, China’s fourth largest city, this planned world-class equine centre will be the first of its kind in the country and is due to open for business next year.
The Chinese facility will be stocked with broodmares from Ireland, with over 100 mares, together with stallions, to be exported over the next three years. The deal will also see Coolmore Stud playing host to seven of China’s top agriculture graduates, to learn about the horse racing industry.
The construction of the new site at Tianjin marks the return of interest in horseracing in China, as the population continues to become more affluent. The sport was banned under former Communist dictator Mao Tse-Tung.
Mr P. J. Magnier (Junior) stated: “The sector plays a huge part in the Irish economy, currently generating 1.1 billion euros annually. This industry is something we are very good at, and today one of the biggest markets in the world has recognised this and has chosen to partner with Ireland.”
Photo courtesy G.Willoughby.
Does anyone else but me think this will be devasting to future irish equine industry ???
Short term financial gain for permanent long term losses !
T.R. Right at this moment we would sell our mothers for personal private gain. However, thankfully John Magnier is no idiot. If politicians were solely involved I would fear greatly for this industry.