JP McManus was to fly home from the United States this weekend after spending a number of weeks in hospital, after he was diagnosed with prostate cancer.
Shock news regarding the 58-year-old's condition filtered through to Limerick last week after he was diagnosed some weeks ago, and went into hospital for treatment.
"He is making a good recovery and is looking forward to coming home and taking it easy for a while," a family friend said.
Mr McManus's absence from the racing scene was first noticed when the Limerick man failed to appear at the Easter Monday Grand National in Fairyhouse on April 13 where his horse Wichita Lineman who lit up Cheltenham, was amongst the favourites.
JP who is a very keen golfer and very health conscious is expected to meet up with all his family this weekend along with his wife Noreen, who has been helping him through what has been a traumatic time for one of the most well known figures in business and sporting circles in Ireland and Britain.
One of the most popular figures in Limerick, JP who has made millions from gambling and in later years from numerous business operations including currency trading, is still heavily involved in organizing next years JP McManus Invitational Pro Am in Adare Manor.
"He is as enthusiastic as ever, and it is all still systems go.
This is just a small set back and JP is rearing to go," was how one of those involved in the organisation of the event, which will see Tiger Woods, Padraig Harrington and a host of other top golfers come to Limerick next year.

JP McManus |
Only last month Mr McManus enjoyed great celebrations in Cheltenham.
In the winners' enclosure at the famed stadium many family and friends sang 'happy birthday' to the successful owner after his first winner and McManus's celebrations were completed when his colours filled the first three places -believed to be a Festival first - in the Glenfarclas Cross-Country.
Despite his international success, Mr McManus has always remained loyal to his roots and has donated millions of euro to charities, sporting organisations and educational institutes throughout Limerick and the Mid West.
He is the official sponsor of Limerick GAA and his generosity sees eight students from his old school - the CBS on Sexton Street - receive third level scholarships on an annual basis as part of the JP McManus Scholarship Awards.
The 2005 JP McManus Pro Am event attracted a top class field of worldwide players.
Official figures recorded an attendance of over 49,000 spectators.