The Irish Horseracing Authority (IHA) will contribute £700,000 more in prizemoney to racing in 1998. Under a sponsorship scheme announced yesterday, £500,000 of that sum will be allocated on a matching, pound-for-pound basis to tracks on condition that additional sponsorship is brought into racing. The aim is to increase the total level of sponsorship by 16 per cent to £3.6 million.

Of the additional £500,000, the IHA has decided that £300,000 will be allocated to National Hunt, with the balance going to the flat. Half of the money will be used to boost prizemoney at principal weekend fixtures, with particular emphasis on Sunday racing.

The extra money brings the IHA's contribution to prizemoney to £7.1 million and, with hopes high for the new sponsorship scheme, it is believed prizemoney in Irish racing next year could reach £16 million.

The announcement came as the Taoiseach, Bertie Ahern, officially opened of the new facilities, including a members bar, at Leopardstown last night.

This marked the completion of phase one of Leopardstown's £4.2 million development plan, and included the opening of the new £1 million entrance building to the track as well as alterations to the Leopardstown Road entrance.

The development will be completed in time for the four-day Christmas festival, which begins on St Stephen's Day and is expected to attract 60,000 people.

The Leopardstown chairman, Denis McCarthy, said: "I am very pleased to be involved with the opening of these top class facilities at the `new look Leopardstown'. These, along with other planned developments, will put this racecourse on a par with the best in Europe."