RACING/News: The future of Punchestown racecourse was last night described as secure after the members of the Kildare Hunt Club (KHC) voted unanimously to accept a rescue package from racing's ruling body.

A dramatic two-hour meeting of the 134-member club that owns Punchestown concluded at 9.30p.m. with agreement that a new company to oversee the troubled track will be run jointly by the KHC and Horse Racing Ireland.

Both will have five members on the new board after a late weekend development which saw the share owned by the Getty-owned company, GT Equinus, bought out by Punchestown for €2.1 million.

The original offer from HRI, which proposed a new company to run the track, had one seat at the directors' table for GT Equinus which had been a matter of contention for the Hunt Club members.

The former KHC chairman Nick Bullman had been a vociferous opponent of the HRI offer, but last night he expressed support from the floor for the new arrangement.

The current Punchestown chairman, Nyall Speirs, held weekend talks GT Equinus and the €2.1 million will be paid in four parts, the first of them starting in December.

"There is enough money there to make it a viable business," said the HRI chief executive Brian Kavanagh afterwards.

"The meeting was fine. We were asked some difficult questions, but we were able to give a detailed explanation of the plan."

As the members streamed out, one of them quipped: "A little rabbit was pulled out and we have a racecourse."

Nerves had been fraught before the meeting with the possibility of liquidation looming over the famous racecourse.

Horse Racing Ireland, who are already owed money by Punchestown, will put in another €2.5 million.

If by 2016 the money has been repaid, the track will revert in full to the KHC.

Punchestown has debts of around €7.5 million and it is currently paying back €10,000 a week.

Of that, €7,000 is in interest. Staff at the track had feared they may not have been paid this week but those fears have been averted and the future looks a lot brighter.

The possibility of liquidation if the rescue offer was not taken up has been widely discussed and Kavanagh said at the weekend there was a "real chance" of the racecourse closing down.

Last night's meeting began at 7.30 p.m. but it was preceded by a private meeting between Kavanagh, Speirs and Bullman.

Bullman had actively campaigned for a no-vote in the weeks leading up to last night on the basis that the HRI offer made no financial sense.

However, the HRI countered by commissioning Price Waterhouse Cooper to look at the financial details of their rescue plan and the firm described it as viable.

Racing at Punchestown began in 1850 but the land has been used for equestrian pursuits since 1763.

It has developed into one of the most famous and prestigious National Hunt racecourses in the world, but in recent years Punchestown has been plagued with controversy and problems.

A major facelift of the 465-acre site cost in the region of €30 million and the new look track opened in 1998. However, a problem with a new mole drainage system resulted in lost fixtures and the loss of a renewal of its famous April festival had a serious impact on the Punchestown finances.

There is sure to be a sigh of relief by all involved in racing.