Fairyhouse racecourse has officially become one of the tracks operating under the umbrella of the sport's State-financed ruling body, Horse Racing Ireland.

Confirmation that the debt-laden home of the Irish Grand National will join Leopardstown, Navan, Cork and Tipperary under the management of HRI Racecourses Ltd was made yesterday.

A HRI statement blamed the move on "adverse trading conditions in recent years due to the loss of significant no-racing revenues such as concerts and the close of its entertainment centre".

A projected hotel development on the site of the 157-year-old racecourse also fell through and the track authorities, the Fairyhouse Club Ltd, were unable to generate sufficient income to meet capital and loan repayments.

HRI's chief executive Brian Kavanagh commented: "The long-term future of Fairyhouse and Irish racing is best served by these new arrangements. While trading has been somewhat difficult in recent years, given its strong asset base and its attractive location, the long-term outlook is positive."

Fairyhouse hosts 19 fixtures a year including the Grand National on Easter Monday which is Ireland's most valuable steeplechase.

An inspection will take place on Thursday to see if Wexford's weekend fixtures can take place. The track is currently unraceable.

The recent poor weather has also affected tomorrow's Navan fixture which will not have stalls in operation for the five-furlong race.