Dundalk Stadium yesterday launched its bid to secure funding for what would be Ireland's first all-weather racing track.
The company has emphasised the border town's proximity to a potential population of three million as well as the unexpected success of the greyhound stadium which opened earlier this year.
"We are the only horse racing country without an all-weather track (AWT) and if Horse Racing Ireland support us in providing grant assistance of €6.5 million we believe we would be open for business by 2006," said Mr Jim Martin, chief executive, Dundalk Stadium.
The submission to HRI was made just over a week ago but two other venues - Abbotstown and Tipperary - are also bidding to secure what will be a major development in the horse racing industry. Horse Racing Ireland will only provide grant assistance to the successful applicant.
The re-development of the greyhound and racing track in Dundalk has been under way for a number of years. Last November the new greyhound track, incorporating indoor and outdoor viewing, re-opened. Mr Martin yesterday confirmed local reports that in its first year in business it has traded at a profit and not at a loss as predicted.
He believes this is another reason why Horse Racing Ireland should assist the Dundalk bid.
"The first phase of the redevelopment cost €11.5 million and our financial situation is that, including the sale of land for residential development which netted nearly €5 million, we now have no bank borrowings."
"The AWT is part of the second phase which will also see the provision of flood lights and a new stable block. We have €5 million and all we need is the €6.5 million from HRI," Mr Martin added.
The company is proposing a 10 furlong oval-shaped track which is similar to those used throughout the United States and the UK.
It says that within a 90 minute drive of Dundalk, north and south, there are close to three million people and it is the most strategic location for the track.
A decision from HRI on whether to endorse and fund the submission from the company is expected before the end of October.
