HRI,which governs racing in Ireland, will fund 40 per cent of approved projects.

HRI's step was in response to allegations of financial misdemeanours involving the club.

Horse Racing Ireland (HRI) has announced owners can return to the track from Monday.

The HRI called for the change today when revealing the damage the recession did to the industry in 2009.

The absence of so many of Ireland's most fancied representatives cast a shadow on the HRI's traditional pre-festival briefing.