After lengthy talks, which ended last night, the Government and the Turf Club have resolved their differences and have agreed a new ruling structure for Irish racing.
However, both sides remained tightlipped as to the details of their agreement which they say they will only clarify next week.
But a brief, joint statement from the Minister for Agriculture Joe Walsh, the Minister for Finance, Charlie McCreevy, and the senior steward of the Turf Club, Gerry Scanlan, was issued.
It said: 'After intensive and constructive discussions, a basis for the resolution of outstanding issues was agreed. Both sides consider the conditions now exist for the establishment of a new structure which will enable the introduction of new funding arrangements and the preparation of the necessary legislation.'
That leaves the way open for the Government to legislate for the off-course betting tax revenue to be permanently put into both Irish horse racing and the greyhound industry.
Talks began at the Department of Agriculture at 2.30 yesterday afternoon and ended at approximately 7.00 last night. The Turf Club side also contained the deputy senior steward Ray Rooney and the former EU commissioner Ray McSharry.
Meanwhile, Tipperary`S prestige raceday, sponsored by JP McManus, will be run at Cork tomorrow after the Tipperary track failed a noon inspection yesterday.
The Tipperary manager Peter Roe described the blow as 'sickening', and he also had to cope with losing next Wednesday`s scheduled Tipperary card.
'In September and October alone we have had almost nine inches of rain and it has brought home the fact we are basically a summer track,' Roe said. 'Saturday is our biggest National Hunt day by a long way and it is sickening for everyone involved.'
In contrast the going at Fairyhouse today is forecast to be good to yielding, which should be ideal for the Pat Hughes-trained Cooper Island in the Ratoath Handicap Hurdle.
Barry Geraghty`s mount won over the course and distance on fast ground last month when beating Hasty Native by a length and a half despite possibly being less than fully happy on the surface.
Before that Cooper Island had won at Tralee on the soft and on the forecast ground should suit him well, enough hopefully to defy the 7lb hike from his last Fairyhouse visit.
The Dunstown Wood Chase is a reasonable event that should see last season`s classy novice Frozen Groom back on the winning trail; and Risk Accessor can finally get his head in front under Charlie Swan in the opening maiden hurdle.
Saint Declan hasn`t run since April and before that hadn`t run since the backend of 1997, but John Codd`s runner jumped particularly well when just beaten by Sean Connors at Clonmel and looks worth a look in the beginners` chase.
