A €65 million development plan to build a new racecourse at the Curragh was confirmed on Wednesday morning.

Plans for Ireland’s premier thoroughbread track include a new grandstand, weigh-room and parade ring, while the courses’s reception will incorporate a museum of Irish racing.

As well as this the stable yard is set for a complete refurbishment, with a separate investment programme to be put in place for the training ground.

The new Curragh is hoped to open in 2018 and racing is set to continue at the course while the development is taking place.

On the announcement the Minister for Agriculture, Food, the Marine and Defence, Mr Simon Coveney said: "I welcome this development. This Government continues to support Irish racing which is a high-value contributor to the rural economy and a generator of inward foreign investment, competing with and beating some of the biggest players internationally.

“The Curragh is the heart of Kildare, the thoroughbred County. It is an acknowledged centre of excellence in every aspect of the thoroughbred industry and this project will secure its place as the keeper of Ireland’s racing traditions and a welcoming host of some of Ireland’s best sporting and social occasions.”

Meanwhile, the Chairman of Horse Racing Ireland, Joe Keeling, said: "This is the most important venture in the modern history of Irish racing. The Curragh will be benchmarked against the best racecourses in Europe."

The famous Curragh course have been an official facility for racing since 1868 and stages the Irish Derby, won this year by John Gosden's Jack Hobbs, as well as the Irish 1,000 and 2,000 Guineas which this year were won by Jim Bolger's Pleascach and Aidan O'Brien's Gleneagles respectively.