The Minister for Finance Charlie McCreevy revealed yesterday all the money raised from the five per cent off course betting tax will be put back into racing if the industry's various organisations agree to merge into one ruling body.
A total of £53 million was generated in off course tax for the Department of Finance in 1999 compared to a figure of close on £20 million given in Government grants to the racing and greyhound industries last year.
The Irish Horseracing Authority are keen on McCreevy's proposed merger but no definite response has yet been had from the Turf Club and the Association of Irish Racecourses.
McCreevy put the pressure on the various bodies yesterday when he said: "I'm putting a big, huge financial carrot in front of everybody but to get it there has to be a big, huge move."
The Minister added that he has had no formal discussions with any organisation since he originally made his offer at the Moyglare Dinner in December but said he would be "terribly disappointed" if his offer wasn't taken up.
"There's no great mystery to what I envisage. In the 21st century I feel a one management structure organisation would be appropriate. In the new scenario, everyone would be involved because that would be in everyone's interest," McCreevy said yesterday before commenting on the possibility of some people not coming on board with the proposal.
"I'd be terribly disappointed if the response isn't positive because this will revolutionise the funding of racing," he said. "If people are not prepared to put the overall ahead of their own interests it will be unpardonable. It would be beyond normal comprehension."
It was suggested in one weekend report that the IHA's remit will be broadened to include control of media rights of racecourses and that the IHA will move into an extended Turf Club headquarters on the Curragh, with its current Leopardstown base being sold. It was also reported the Turf Club will in future be responsible only for racing's integrity services and the day-to-day running of the sport.
Minister McCreevy was at Punchestown yesterday, along with the Minister for Agriculture Joe Walsh, to unveil plans for a new £5 million event centre at the track. Work on the agricultural event centre will begin in June and it's hoped to have it finished by the end of the year.
