Irish racing has been given a boost ahead of its return on 8 June, with the Irish European Breeders Fund announcing an increased prize-money allocation to €2.5m in 2020.
The Irish EBF is the biggest sponsor in the sport in Ireland and has moved to ensure all funds, including those not distributed during the suspension of racing, are allocated and the remaining prize-money is assigned with a focus on grassroots races throughout the rest of the year.
Last year, the organisation contributed €2.2m to Irish prize-money.
John O'Connor, chairman of the Irish EBF, said: "Prize-money is the lifeblood of racing and supports owners, trainers, jockeys and stable staff and for that reason the Irish EBF, which is funded by stallion farms, has decided to increase its allocation to HRI (Horse Racing Ireland) for 2020 to assist HRI in trying to replace the lost opportunities for all the participants in Irish racing during the Covid-19 suspension of racing.
"We will encourage all of our co-sponsors to continue to support the Irish racing industry at this crucial time when the industry is facing its greatest ever challenge."
Jason Morris, HRI's director of racing, added: "The Irish EBF have long been staunch supporters of Irish racing and as we work towards the resumption of racing, it is reassuring to know that they will be there when needed."