Coveney defends €29m-per-year horse-racing spend

The Agriculture Minister Simon Coveney has defended the level of money the Government directs towards the Horse Racing Industry.

His comments follow the release of a report yesterday on the future of the business by independent consultants Indecon.

The research makes a number of recommendations on the development of the sector, but also raises concerns about the sustainability of the public funding it receives - €29m per year.

Minister Coveney said the return on that investment was hugely valuable.

"People need to look at the maths in terms of what horseracing contributes to Ireland…This is an indusrtry that does a lot more for its country than the State does for it," he said.