The board of Horse Racing Ireland has agreed that Tipperary is the preferred location for a second all weather track.
However, with no funding in place at present to progress the project, it was agreed that no formal approval can be given at this stage.
Any plans will need to be submitted for reconsideration by HRI's Evaluation Committee once HRI capital grant aid is available and Tipperary has sourced the required funding.
HRI boss Brian Kavanagh said: "Tipperary is the selected venue but we can't go ahead with that until out funding situation is resolved.
"The board have asked for 18 months to resolve that. The evaluation is completed and Tipperary was selected, which probably wasn't the biggest secret in racing, but until they have the funds to progress with that, we're at a standstill."
Dundalk racecourse is the other all-weather venue in the country.