Rumours that plans for the £100m. racecourse, to be built on land between Simonstone and Altham, have hit a setback due to the current global economic crisis have been quashed.

Instead, racing supremo the Marquess of Zetland, who has been spearheading the proposals, has insisted the scheme is very much on track.

No proposals have yet been submitted to Ribble Valley Borough Council's planning department, but if given the go-ahead the racecourse will be built on 371 acres of land between the Ribble Valley and Hyndburn, and is expected to attract up to 30,000 racegoers per meeting.

It is understood advanced technology will be used to create a special grass track suitable for staging flat racing during the summer and jump racing in the winter. In addition, a floodlit track will enable people to experience the thrills of evening racing.

A five-star hotel, theme park, casino, limited retail development, stabling, equestrian training centre and a centre of sporting excellence are also planned for the state-of-the-art facility, providing all-year-round leisure and educational development for racegoers and non-racegoers alike.

Plans for the racecourse were unveiled in May, 2005, and although there has been a financial delay in the launch of a £4m. feasibility study, Lord Zetland, who is the consortium's representative in this country, insisted he does not give up easily and his confidence in the project continues to be soundly based.

He told us: "Despite the current economic downturn, I am delighted to confirm we are proceeding as fast as we are able to with the necessary initial funding for the racecourse project."