Mr Andrew Brown, the millionaire owner of Crow Wood Leisure Centre, was airlifted to hospital with a broken collarbone, five broken ribs and a collapsed lung after the accident on Wednesday on the centre's cross-country track.
His brother, Mr David Brown, said that Andrew was very lucky to have escaped even more serious injury as his horse Rodney inadvertently kicked him when he was on the ground.
Mr Brown said: "Andrew is a very accomplished rider, but it seems his horse lost its footing and slipped. Apparently, his riding helmet was demolished so it is a relief he was wearing it.
"Andrew is in a bit of pain but in very good spirits. He likes the adrenaline rush but I don't think he will be riding for a while.
"His wife, Sue, and all the family would like to thank the North West Air Ambulance who got him to the Royal Preston Hospital in just seven minutes.
"The doctors and nurses there have really been great and we appreciate them and everyone who has sent their best wishes."
The air ambulance was called because the accident took place in a secluded spot. A land ambulance had to be towed out by tractor after becoming stuck.
It is not the first time Mr Brown (49) has had a bad accident while pursuing his love of outdoor hobbies – he severely damaged his leg in a freak ski-ing accident on holiday. That time he put his three months out of action to good use by writing his first autobiography, but he is not expected to be in hospital that long this time.
Burnley born and bred, Mr Brown is the son of the late F.H. Brown. He recently appeared in the Burnley Express when he offered to save the Thompson Centre frieze.