British prize money to be enhanced by landmark agreement
British racing is due to receive a much-needed prize money injection in 2014
after it was announced that 27 racecourses had agreed to a new initiative to
provide minimum contributions. With the Horsemen’s Group and the British
Horseracing Authority combining to create Prize Money Agreements which transform
the current system of discretionary payments into a contractual commitment, the
total purse is expected to be swelled by £5
million.
“These are landmark agreements for the sport, and we view their introduction
as a welcome first step towards delivering improved returns for horsemen,” said
Philip Freedman, chairman of the Horsemen’s Group.
“Until now, a racecourse’s contribution to prize money has been totally
discretionary and even though racecourse revenues have grown significantly in
recent years, it has been left to them to decide how much should be passed on to
the participants. We hope that they represent the start of a new era of
collaboration and trust between the sport’s key stakeholders.
“These contractual commitments will lock in the amounts that racecourses are
currently investing in prize money and, for some, require significant increases.
Racecourses will also contribute, as a minimum, an agreed share of future growth
from the sale of rights for betting.
“I am delighted that 12 independent tracks with varying business models,
ranging from Ascot to Ffos Las and including all Scottish racecourses, as well
as the Jockey Club’s tracks, have recognized the importance in working with the
Horsemen’s Group and the BHA to strengthen the relationships between the
industry’s stakeholders and to create a partnership approach to developing
racing’s revenue streams.
“Should all courses sign agreements, this would increase racecourses’
contribution to prize money by around £5
million in 2014. While this would obviously be a positive development, nobody
should be in any doubt that there is still much to be done before British Racing
offers levels of prize money that adequately finances an industry into which
owners inject nearly £500 million every
year.
“We view these agreements and the principles they establish as an important
stage in a journey that will also require working with the government, Levy
Board and bookmakers to provide a fair return to the people without whom racing
cannot take place.”
Those tracks to have signed up so far include Newmarket and Ascot, while the
Horsemen’s Group represents owners, breeders, trainers, jockeys and stable
staff.
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