A new site was sought outside the city, to fully realise the potential and demand of the Munster people in the heart of National Hunt country. In 1996, Greenmount Stud was purchased after much deliberation. Six kilometres from the city boundaries near the village of Patrickswell, with the nearly 400 acres of prime greenbelt farmland, Greenmount was a natural choice, with a panoramic setting at which local point-to-point had been held for as long as local memory served.

This was to be a bold venture. No racecourse had been built from new in over fifty years in Ireland; however, the commitment of the Board and the full support and backing of the Irish Horseracing Authority meant the dream became a reality. After nearly four years of planning and development and £12 million invested, the new Limerick Racecourse opened on 14 October 2001.