The Chief Executive of racing's ruling body said yesterday there is a "real chance" of the stricken Punchestown race track closing down.

Brian Kavanagh, of Horse Racing Ireland (HRI), made the comment ahead of the crucial Kildare Hunt Club (KHC) meeting on Monday night.

The club's 134 members will vote on whether to accept a HRI rescue package, and the Punchestown chairman, Nyall Speirs, has already warned he does not have the two-thirds support needed to pass the proposal.

Speirs has called on the HRI to amend its plan in an attempt to sway support, but Kavanagh emphasised yesterday that no changes will be made.

If the offer is voted down, a liquidator is likely to be called in and the chances of the track being lost to racing will increase.

"If you're asking me what the chances are that the racecourse will close, I would have to say there is a real chance that it will if this proposal is not accepted. It is that serious. We have never under-estimated the financial problems at Punchestown," Kavanagh said.

"If a liquidator comes in, then everything will be out of everyone's control. It will be his decision alone what to do with the place," he added.

Punchestown has debts of nearly €7.5 million, with €2 million due to the HRI. It is currently losing €10,000 a week.

Kavanagh defended the HRI positon on not amending its rescue package. It proposes that racing's ruling body take over half the course, injects a further €2.5 million into it, and if this is repaid by 2016, ownership of the whole track will revert to the KHC.

"The offer has been put to independent analysts Price Waterhouse Cooper, who have said it is a good, viable offer," says Kavanagh.

"Punchestown have looked for various different adjustments to the plan and we have made some, but none of them have been to the financial aspect," he said.

Collision course: Punchestown's money woes

Current debts: €7.5 million

Debt to Horse Racing Ireland: €2 million

Current weekly losses: €10,000

Vote on rescue package: Monday night