The racehorse training company operated by Gordon Elliott is confident that it can continue to be profitable despite the fallout from the six-month training ban imposed on its owner.
This is according to new accounts filed with the Companies Office by coach G Elliott Racing Ltd, which revealed that the company had “lost training fees and sponsorship income since March 2021 due to the prohibition of training of the director for six months “.
The note to the accounts continued “but the company has reviewed the costs and is confident in its ability to continue trading profitably for the foreseeable future.”
The new accounts show after-tax profits increased sevenfold to € 124,391 in the 12 months ended at the end of August of last year, despite the impact of Covid-19 on horse racing.
At the end of August 2020, the company was sitting on a cumulative profit of 1.43 M €.
The 2020 figure follows an after-tax profit of € 15,938 in 2019, € 167,496 in 2018 and € 246,208 in 2017.
In March, the horse racing world was turned upside down after a photo appeared on social media of the Grand National and Gold Cup-winning trainer sitting on a dead horse while taking a phone call.
Immediately thereafter, Betfair announced it was ending its association with Elliott as Ambassador, while horse owners Cheveley Park Stud removed eight horses from Elliott’s yard.
Michael O’Leary’s Gigginstown Stud partnership with Elliott won two Grand Nationals with Tiger Roll and Gigginstown backed Elliott as controversy engulfed the Cullentra Stables in Longwood, Enfield, Co Meath. In response to the photo, the Irish Horseracing Regulatory Board (IHRB) imposed a 12-month ban on Elliott, with the last six months suspended, after finding that Elliott had brought the sport into disrepute. Elliott served nearly four months of the training ban and as part of his sanction, the IRHB also fined the 43-year-old man € 15,000.
The IRHB said the photo showed “appalling bad taste” from the trainer and “utter disrespect” for the horse. Coach Denise Foster has taken over the reins of Elliott’s Cullentra House horse training operation for the duration of the six-month ban.
Recent profits take into account non-cash depreciation charges of € 165,781.
The accounts indicate that the company was hit by the pandemic because “the horse racing industry closed for several months from March to June 2020”.
“The company laid off some employees and took advantage of the programs available to help cover the costs to continue trading when the industry opened,” the account said.
Separate figures released by the Revenue Commissioners show that G Elliott Racing Ltd made use of the government’s Covid Temporary Wage Subsidy (TWSS) program during the year under review. Highlighting the growth of Elliott’s training operation over the past year, the number of employees at the company rose sharply during the year, from 71 to 85.
The total remuneration of the directors amounted to € 79,739, although the overall payroll of the stable transaction was not disclosed.
In a statement issued on behalf of Elliott after the IRHB sanctioned, Elliott said, “I am in this situation by my own action and I am not going to slip away.
“With my position in the sport, I have great privileges and a great responsibility. I have not lived up to this responsibility. I pay dearly for my mistake but I have nothing to complain about.
“It breaks my heart to see the hurt I have caused my colleagues, family, friends and supporters. I have a long way to go, but I will serve my sentence and then rebuild better. “