Following a meeting between representatives of the Turf Club and the Association of Irish Racecourses a Joint Committee has been set up.
The new body will be chaired by the senior steward of the Turf Club and will endeavour to establish a model for future financing and administration of the Irish racing industry.
Gerry Scanlan, the senior steward, said: 'In taking this initiative, we are anxious to meet the minister's challenge to the industry and ensure our future financial well-being.
'For Irish racing to prosper into the future, and in the interests of all concerned, this must be achieved by consensus.'
The Joint Committee will commence work immediately.
