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Jockey Club to increase prize money
"We're working hard to promote quality racing and a diverse leisure and events business, with the single objective of reinvesting profits back into our sport.
"The further increase in our own contribution to a record coupled with extra Levy funding next year, means a injection into prize money on our courses in areas we believe will benefit horsemen the most, to a total in excess of to be clear, once again we are putting in more than 60 per cent of our available profits to prize money and this contribution exceeds the amount we receive through media race fees.
Revealing 2013 prize money plans for Jockey Club Racecourses, Simon Bazalgette, Group Chief Executive of The Jockey Club, said: "The Jockey Club exists solely for the good of racing and cares about the long term health of our sport.
"Their commitment to delivering improvements in the race programme is welcome, as is the fact that the increases in prize money will be spread across all of their venues and all levels of races.
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Paul Fisher, Group Managing Director, Jockey Club Racecourses, said: "Today, operating a racecourse business you must focus on a New Balance 998 Grey Blue range of income streams, not just one.
or staging a launch event for a new range of cars, every penny we make goes back in prize money, improving facilities or through new initiatives for the good of the sport.
Jockey Club Racecourses' annual contribution to New Balance 1080v7
"Looking to the future, we must now work closely together to secure formalised agreements that would benefit both horsemen and racecourses, thereby supporting the outlook for British racing beyond 2013.".
The record level of prize money funding from Jockey Club Racecourses' own resources is a 10.7 per cent increase above its previous record million contributed in 2012 and once again represents more than 60 per cent of its projected available profit for the year.
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"I'm delighted that in the process of offering more than in prize money next year, we have also been able to upgrade our race programme.
The injection accounts for nearly half (46 per cent) of the prize money available through The Jockey Club's 15 racecourses next year. Industry funding of represents 38 per cent of the total, while owners' entry fees are anticipated to be (17 per cent).
"Quality racing is vital to the future health of our sport and in 2013 we are focused on achieving this not only at large courses on weekends, but also at our small courses and in midweek."
"In 2013 we've set some challenging budget targets to enable us to increase our investment, but with a new structure, talented workforce and passion for what we're doing, I'm confident about the year ahead for Jockey Club Racecourses."
cent more than million over five years (2009 2013) since prize money at its courses last topped before a significant drop in industry funding through the Horserace Betting Levy.
"Today's prize money announcement is another demonstration of how everything we make goes back into British racing and the importance of providing a fair return to horsemen.
Richard Wayman, Chief Executive of the Racehorse Owners Association, said: "The increase in total prize money is very welcome news for horsemen, and The Jockey Club deserves particular credit for increasing its own contribution by nearly Jockey Club clearly appreciates that the recruitment and retention of racehorse owners is dependent on ensuring that a fair share of their revenues are invested in prize money.
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