GOVERNMENT funding for Irish racing will rise by 4.4% next year to €76 million.

The news was confirmed by Minister for Agriculture Charlie McConalogue at a press briefing in Government Buildings on Tuesday morning.

How the €76 million will be spent will be decided by Horse Racing Ireland and details are usually published by the semi-state body in mid-December.

Suzanne Eade, chief executive of Horse Racing Ireland, said: "I'm very pleased that the Government continue to support this industry so strongly and thank the Minister and his officials for their engagement during the budget process.

"The report produced by Deloitte earlier this year points to the strong return that racing and breeding provides for the exchequer, and between now and our December board meeting HRI will focus on the key areas where investment is needed for 2024."

Speaking at the press conference Minister McConalogue said: "The Horse & Greyhound Racing Fund for next year will be €95 million and that will be split 80:20 between Horse Racing Ireland and Greyhound Racing Ireland."

Minister for State Pippa Hackett: "There is a unique opportunity for the bloodstock sector to engage in biodiversity-friendly farming. There are signals that the industry wants to do more in that direction and I would like to see them develop that area."

Minister for State Martin Heydon commented: "I think this Budget reaffirms the Government's commitment to the racing and breeding industry. The equine sector is now covered by TAMS (Targeted Agricultural Modernisation Scheme) for the first time which has been very welcome, as most breeders only have one or two mares and are involved in other areas of farming.

"There are other challenges such as the VAT treatment of breeding mares, which is not dealt with in the Budget but is something we will continue to work on. I am very hopeful that Revenue will find a way to resolve that issue and I am hoping we will have progress on that in the near future."

Racing’s annual grant

2014: €43 million

2015: €54 million

2016: €59 million

2017: €64 million

2018: €64 million

2019: €67.2 million

2020: €67.2 million

2021: €76.8 million

2022: €70.4 million

2023: €72.8 million

2024: €76 million

MORE INDUSTRY REACTION TO BUDGET 2024 IN THE IRISH FIELD NEXT WEEKEND