Horse Racing Ireland today announced an increase of 16% in funding for the point-to-point sector, bringing the total to €1.495m for the year 2015.

The increase will be retrospective to 30th December 2014 and from that date, grants paid to hunt clubs running point-to-points will be increased from €2,500 per fixture to €3,500. With effect from 1st September 2015, the grant will be increased by a further €1,000 to €4,500 per fixture.

In addition, HRI will provide prize money grants of €800 per race for all point-to-point races and funding of €480,000 to the Irish National Hunt Steeplechase Committee (INHSC) of the Turf Club towards the cost of providing integrity services at point-to-points.

The total funding provided by Horse Racing Ireland for point-to-points in 2015 is made up as follows:

Point to Point Prize money - €598,000

Point to Point Grants to Hunt Clubs - €412,000

Point to Point Integrity Costs - €480,000

Point to Point Insurance - €5,000

Total €1,495,000

In addition, through its subsidiary Irish Thoroughbred Marketing (ITM), HRI will continue to support the promotion and sale of point-to-point horses.

HRI Chief Executive, Brian Kavanagh: “Point-to-points are a vital part of the national hunt sector in Ireland and a source of many of our leading horses and riders. 41% of national hunt runners in Ireland last year were former point-to-pointers, many performing at the highest level. HRI is conscious of the financial pressure on point-to-point organisers due to increased costs and a decline in entries and in that respect, the Board agreed to invite representatives of the sector and the INHS Committee to a meeting to discuss the future funding of point-to-point racing.”

More on this story in The Irish Field on Saturday. Online from 9.30pm Friday