Irish Racing will receive funding in 2017 of almost €64 million, surpassing the 2008 highest previous level of €62.6 million.
Greyhound Racing will also receive an additional €1.2 million from the Horse and Greyhound Racing Fund bringing its total funding to €16 million.
The increases come as a result of an additional €6 million towards the Horse and Greyhound Racing Fund in the year ahead.
Both Horse racing Ireland and the Irish Greyhound Board will make separate announcements in the coming weeks detailing how this additional money is to be allocated.
In a short statement released last night Horse racing Ireland said that “We welcome the announcement today by Minister Creed of the intention to fulfil the commitment to the Horse and Greyhound Racing Fund for 2017 which will increase expenditure for horse racing by €4.8 million next year.”
The grant made up of revenues ring fenced from betting duty and Government funding for the two industries in support of rural jobs and export earnings was introduced by statute at the same time as the formation of Horse racing Ireland as a body in 2001.
The previous high point of funding came in 2008 when Horse Racing received €62.6 million and Greyhound Racing €15.6 million.
That dipped through the recession to a low of €42.4 million for Horse racing in 2014 and €10.6 million for Greyhound Racing.
It has been a strong year too in terms of sponsorship for both sports with major extensions and announcements of increases from commercial backers of key events including the Boylesports Irish Grand National at Fairyhouse and the Longines Champions Weekend at Leopardstown and the Curragh.
Last week Stan James was unveiled as the backers of the Irish Gold Cup at Leopardstown in February, while the Irish Independent unveiled an expanded programme of sponsorship support for Greyhound Racing earlier in the year.
