Jockey Club Plans Record Prize Money

07 Jan 2016 | tshego

Share on

Jockey Club Racecourses plans to make a record financial contribution to prize money of £20.9m in 2016, before any fixture abandonments, which is an increase of £1m year-on-year.

The racecourse group also delivered a record £19.9m in prize money contribution in 2015, despite five abandoned fixtures. Record total prize money of £43.9m was distributed at its 15 tracks across 336 fixtures at an average of more than £130,000 per card.

2016 will see the owner of racecourses such as Aintree, Cheltenham, Epsom Downs and Newmarket see its prize money contribution exceed £20m for the first time.

The Jockey Club has grown its prize money contribution by 61% since 2010, when it contributed £13m and between 2010 and 2015 the group has put more than £103m into prize money from its resources.

The increase comes as a result of the success in growing revenues at Jockey Club Racecourses, including commercial partnerships and sponsorships, and despite the new media contract between Racecourse Media Group and SIS not coming into effect until 2018.

Paul Fisher, group managing director of Jockey Club Racecourses, said: “In 2016 Jockey Club Racecourses will once again contribute the maximum our profits allow into prize money, because we recognise it is essential for competitiveness, provides a return to owners investing in our sport and is vital to the livelihoods of the many thousands of people who work in British racing.

“We have maintained this maximum contribution approach for many years, which is why we have a prize money agreement with The Horsemen’s Group at premier level and were delighted to contribute a record amount last year in the course of living up to our commitments. Our planned increase comes without any new boost from media rights; it’s down to our teams working really hard to grow our business so we can reinvest and the support of sponsors who play an important role in our sport.

“We feel we are holding our end up and doing everything we can for British racing, including attracting record crowds last year. So to suffer a significant drop in industry funding for prize money is particularly disappointing and should only strengthen our sport’s resolve in the need to address this for the long-term health and prosperity of the nation’s second-biggest spectator sport.”

Philip Freedman, chairman of The Horsemen’s Group, said: “At a time when central funding is under pressure horsemen are more reliant than ever on those courses and groups whose prize money commitment goes far beyond what is required by their Prize Money Agreement. As with their stance on Authorised Betting Partners Jockey Club Racecourses are again setting an example which horsemen would welcome other courses following.”

As the racecourse arm of The Jockey Club, which is governed by Royal Charter, all profits generated by Jockey Club Racecourses are reinvested back into the sport, predominantly through prize money and improved facilities for customers and participants.