Jockey Club Reveals Enhanced Prize Fund
The Jockey Club has announced its racecourse arm will offer more than £40 million in prize money in 2013, an increase of more than £5 million on 2012, which includes a record £18.6 million contribution directly from Jockey Club Racecourses.
Spread across its 361 scheduled fixtures for next year, the prize money will provide an important return to racehorse owners and is vital to the livelihoods of trainers, jockeys and stable staff. It is also considered an indicator of the overall health of horse racing – the second biggest spectator sport in Britain.
The record level of prize money funding from Jockey Club Racecourses’ own resources is a 10.7% increase above its previous record £16.8 million contributed in 2012.
The £18.6 million injection accounts for nearly half of the prize money available through The Jockey Club’s 15 racecourses next year. Industry funding of £15.1 million represents 38% of the total, while owners’ entry fees are anticipated to be £6.7 million (17%).
Jockey Club Racecourses’ annual contribution to prize money has increased by 50%, more than £6 million, over five years since prize money at its courses last topped £40 million, before a significant drop in industry funding through the Horserace Betting Levy.
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. 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.’
‘The further increase in our own contribution to a record £18.6m, coupled with extra Levy funding next year, means a £5m injection into prize money on our courses in areas we believe will benefit horsemen the most, to a total in excess of £40m. Just to be clear, once again we are putting in more than 60% of our available profits to prize money and this contribution exceeds the amount we receive through media race fees.’
‘I’m delighted that in the process of offering more than £40m in prize money next year, we have also been able to upgrade our race programme. 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.’
Richard Wayman, chief executive of the Racehorse Owners Association, commented: ‘The £5m 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 £2m.’
‘The 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. 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.’
‘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.’
Meanwhile, chief executive of the Racecourse Association, Stephen Atkin, has praised Jockey Club Racecourses following the announcement.
‘JCR is to be commended both for the significant increase in its executive contribution to prize money next year and for the clear explanation of its policy,’ added Atkin.
‘The increase will give a further boost to prize money at British racecourses, which is set to exceed £110m in 2013, more than 10% up on 2012, and, in the process, to break the previous British record of £110.7m, set in 2009.’
The Jockey Club’s racecourses are: Aintree, Carlisle, Cheltenham, Epsom Downs, Exeter, Haydock Park, Huntingdon, Kempton Park, Market Rasen, Newmarket July Course, Newmarket Rowley Mile, Nottingham, Sandown Park, Warwick and Wincanton.
