Racing's ruling body, Horse Racing Ireland, has hit back at a report which questions whether the current means of State funding for the sport can be justified.
A paper delivered yesterday at the Economic and Social Research Institute's (ESRI) pre-Budget conference by Prof Tony Fahey and Dr Liam Delaney challenged State funding for horse racing, which this year will amount to €56 million.
The paper argues that the Horse and Greyhound Racing Fund was established in 2001 as a State-backed means of getting money from bookmakers and passing it on to racing but does not serve that function any more.
Prof Fahey and Dr Delaney stated that a fall in the tax take now means the Government has to supplement the fund.
However, the HRI chief executive Brian Kavanagh challenged the basis of their conclusions.
"The paper considers racing purely in a sporting context which does not show the full picture.
"It ignores the breeding sector which together with racing form a single thoroughbred industry. This is a significant net contributor to the Irish economy," Mr Kavanagh said.
"The Horse and Greyhound Fund was introduced in 2001, and renewed in 2004, with all-party support. It has been the catalyst for significant investment in racecourse facilities and unprecedented sporting success," he added.
