The board of Horse Racing Ireland have approved a financial package which they will offer the board of Punchestown Racecourse and the Kildare Hunt Club in an effort to avoid the closure of the famous racecourse.
Brian Kavanagh, Chief Executive of Horse Racing Ireland, has described the financial position of Punchestown as critical following the loss of the Festival meeting in 2001, just a year after the completion and funding of a major development plan.
HRI has proposed the establishment of a new joint venture company to manage the racecourse and event entre. The new company will be owned by HRI and the Kildare Hunt Club on a 50/50 basis.
Filed by Laura Reynolds
