The racehorse training firm which is operated by Gordon Elliott is confident it can continue to trade profitably despite the fallout from the training ban given to its owner.
New accounts filed to the Companies Office by the trainer’s G Elliott Racing Ltd discloses the company has “lost some training fees and sponsorship income since March 2021 due to the director’s ban for six months”.
The note attached to the accounts goes on to state: “But the company has reviewed costs and is confident of its ability to continue trading profitably for the foreseeable future”.
The new accounts show that post tax profits increased seven fold to €124,391 at G Elliott Racing Ltd in the 12 months to the end of August last year in spite of the Covid-19 impact on horse-racing.
At the end of last August, G Elliott Racing Ltd was sitting on accumulated profits of €1.433million.
The 2020 post tax profits follow post tax profits of €15,938 in 2019, €167,496 in 2018 and €246,208 in 2017.
In March, the horse-racing world was left stunned after the emergence on social media of a photo of the Grand National and Gold Cup-winning trainer sitting on a dead horse while taking a phone call.
In the immediate aftermath, Betfair announced that it was ending its association with Elliott as an ambassador while horse owners, Cheveley Park Stud removed eight animals from his yard.
Michael O’Leary’s Gigginstown Stud partnership with Elliott has won two Grand Nationals with Tiger Roll and Gigginstown stood by Elliott as the controversy engulfed the Cullentra stables at Longwood, Enfield, Co Meath.
In response to the photo, the Irish Horseracing Regulatory Board imposed a 12-month ban on Elliott with the final six months suspended after finding he had brought the sport into disrepute.
Elliott has almost served four months of the training ban at this time and as part of its sanction, the IRHB also imposed a €15,000 fine on the 43-year-old.
The IRHB stated that the photo showed “appalling bad taste” by the trainer and a “complete absence of respect” for the horse.
