MICHAEL Creed is the new ‘Minister for Racing’.

The Cork North-West Fine Gael TD was first elected to Dáil Éireann in 1989. He has held several positions on the Fine Gael front-bench including Agriculture from 2007 to 2010. Local racegoers at Cork last evening said that the Macroom man was a stranger to the racecourse.

At the Department of Agriculture he succeeds Simon Coveney who has moved to Housing and Planning.

Fine Gael TD Martin Heydon has warned the racing and breeding industries they will have to lobby hard to be heard by the incoming Minister as the agricultural sector faced some major challenges.

Speaking at the Irish Racehorse Trainers Association awards, Heydon said: “The new Minister will face a number of pressing issues in their brief: price volatility, Brexit, trade deals such as TTIP and Mercusor, the need to explore new markets, and pressure from farming organisations.

“The racing industry need to be ready to meet the Minister and emphasise the issues impacting on your industry, to ensure they are heard, included and not overshadowed.”

He said that the Alliance for Racing, a lobby group comprised of leaders from the racing and breeding industry, had already played “a very positive development in that regard and has an important role to play in the future”.

Rural Affairs is a new cabinet position and Heydon believes that the bloodstock industry is “an integral part of the fabric of rural life”.

The previous Government passed two important pieces of legislation for the industry - the Betting Amendment Bill and Horse Racing Ireland Bill. The former brought offshore betting into the tax net and the HRI Bill ushered in a new era of co-operation between HRI and the Turf Club.

Minister for Finance Michael Noonan, who retains that role, has been supportive of the industry, allocating €59 million to HRI for 2016, an increase of €6 million on the previous year. An additional €6 million is promised in the next Budget.

Heydon said: “I am aware that the industry has long sought its own secure funding stream. Multi-annual funding is a priority for the industry.”

The €65 million Curragh redevelopment is also receiving Government support with HRI taking a 33% stake in the new racecourse company. “While there are planning issues to be addressed, I am confident that Kildare County Council want to see the project happen and work is ongoing to address the present challenges,” said Heydon.

Returning to the prospect of a British vote to leave the EU, Heydon said it presents potentially very significant challenges for the bloodstock world.

A total of 1,313 Irish trained horses ran in Britain last year winning €14 million in prize money. Goffs sold 704 horses to Britain last year at a value of €34 million, and Tattersalls Ireland sold horses to the value of €8 million to British buyers.

“The first likely impact of a Brexit would be significant weakening of the pound that would impact on us all. It is in all our interests that the UK remain in the EU and we should all do what we can to ensure we share that view among our contacts across the water.

“There are 900,000 Irish ex-pats in the UK registered to vote. They could yet play a huge role.”