New Zealand minimum thoroughbred racing stakes to go to $10,000
New Zealand Thoroughbred Racing announced on Thursday that minimum thoroughbred racing stakes will be increased to $10,000 from March 1st, 2017.
This means the stakes at the 80 or so industry and Tier 2 meetings with a minimum $7000 or $8000 stake will rise to $10,000. Just over 500 races will get an extra $2-3000 to meet the $10,000 minimum resulting in increased stakes for participants as follows:
1st will increase from $4375 to $6250;
2nd will increase from $1400 to $2000;
3rd will increase from $700 to $1000;
4th will increase from $350 to $500; and
5th will increase from $175 to $250.
“It is time,” said Alan Jackson, Chairman of NZ Thoroughbred Racing on a statement announcing the increases.
“This puts around $1.4 million back into the pockets of those racing horses this season and $3m plus in future seasons.
“Directors reflected on the enormous pressures owners and trainers are facing, for breeders the
disappointing domestic results at the recent Karaka Sales and the Racing Board CEO’s recent
announcement of gaming funds to be shared amongst Codes.
"The Board of NZTR also had to balance thoroughbred racing’s tight financial situation with the livelihood of their stakeholders.
“We have to have confidence in our future.The Government has also indicated that Racefields
legislation will be introduced to Parliament before it rises for the upcoming General Election, and the NZRB has stated it is considering further moves at their March Board meeting on top of the gaming fund distribution it has already announced.
“We believe Racefields alone will return over $12 million in distributions to racing and we look
forward to making future announcements on what this means for our industry.
“NZTR will continue to consider future funding sources for our Code, but given our current situation,the Board is confident that this is not a one-off funding injection.”
“The Board of NZTR is committed to improving our domestic racing product, the racing calendar
and venues where people go to watch racing.
"There is much work to be done in improving the health and safety of industry participants, education, communication and equine welfare. All these projects require funding too, and NZTR will work with industry partners on these important initiatives,” said Dr Jackson.