RACING:IRISH RACING'S prizemoney budget will be cut by five per cent in 2011, but Horse Racing Ireland (HRI) have guaranteed current minimum prizemoney levels despite wholesale cuts elsewhere to the sport's funding.

After last week’s Budget cut of €1.6 million to HRI’s finances, a fourth cut in three years which means there has been a €15 million dip (25 per cent) for racing’s ruling body in the last two years, more drastic measures were announced yesterday.

HRI’s own administration costs face a six per cent cut, while the Turf Club’s integrity budget has taken another seven per cent hit.

Grants to bodies such as the Equine Centre, Irish Thoroughbred Marketing and Race, the apprentice jockeys school, have been slashed by another eight per cent.

The Turf Club’s chief executive, Denis Egan, reacted to the integrity cuts budget by saying: “Obviously we were hoping for no cut, but if there was to be one, we thought it would be in line with HRI’s funding cut in the budget of 3 per cent.”

A total of €600,000 has also been taken from direct racecourse support schemes in yesterday’s 2011 racing industry budget announcement.

Some €46.6 million was in racing’s prizefund this year, but that will now be cut to €44.1 million in 2011.

Significantly, though, HRI has decided not to change the minimum race value levels of €7,500 and €7,000 over jumps.

“While further cutbacks are extremely regrettable, they are unavoidable given a fourth cut in the space of two years to HRI’s funding,” chief executive Brian Kavanagh said yesterday.

He also pointed to the lack of a secure, long-term funding structure as having an impact on Irish racing which has seen a 15 per cent drop in the numbers of horses in training here compared to 2009.

There has also been a 40 per cent drop in the foal population in the last two years.