Gordon Elliott has "apologised for any offence caused" after an image of him sitting on a dead horse appeared on social media this weekend.
Gigginstown House Stud owner Michael O'Leary says he is "deeply disappointed" by the photo and in a statement this afternoon, the businessman says the "care and welfare of all our animals comes first" but that he accepts Elliott's apology and will "continue to support him".
O'Leary and Gigginstown have enjoyed a number of high-profile victories with Elliott, including the Cheltenham Gold Cup with Don Cossack and two Grand Nationals with Tiger Roll.
The Irish Horseracing Regulatory Board launched an investigation into the photo yesterday.
Elliott confirmed the photo's legitimacy in a statement last night., adding that he is cooperating fully with the IHRB.
The trainer says the image was taken some time ago, and came after the sudden death of one of his horses on the gallops.
In the picture, Elliott appears to be making the "peace" gesture with his fingers.
However in his statement, he claims he was gesturing to a colleague to wait until he was finished with his phonecall.
The IHRB are yet to comment on Elliott's admission.
The trainer released a statement last night
