The Association of Irish Racehorse Owners (AIRO) has given its unanimous approval to the proposed merger of the Turf Club and the Irish Horseracing Authority.

AIRO chairman Peter McCarthy said: "The Ministers for Agriculture and Finance have obviously looked seriously at the racing industry with a view to maintaining its security in the future."

Irish stable staff are to receive a sum of £600,000 annually through a bonus scheme which is set to come into operation in the next fortnight. This scheme will be run by the Turf Club and trainers will have the responsibility of passing the money on to the stable staff.

Also, the chairman of the Curragh racecourse, Philip Myerscough, has announced that the final phase of the racecourse re-development plan starts in April with the restoration of and refurbishment of the historic weigh-room.

Prize money of almost £5 million is available for the Flat this season, with the highlight the Budweiser Irish Derby on July 2nd which will be worth £850,000.

There will also be a Millennium "Million Dollar Bonus" for the winning horse if it has also won either the Vodafone Derby, Prix du Jockey-Club or Kentucky Derby.