K
Kathy
Guest
Racehorse Owners Association
news release
25 April 2008
Levy Board prize-money announcement is 'very good news for the whole industry'
HORSEMEN'S Group chairman and Racehorse Owners Association president Paul Dixon today hailed the news of increased prize-money from the Levy Board.
He said: "This is very good for the whole industry. Owners, trainers, jockeys, breeders and stable staff have been getting very frustrated by prize-money going from bad to worse over the past year or so and it is a relief to the people who keep the industry going that now something is being done about it."
The Levy Board has confirmed an increase in its 2008 prize-money fund of approximately £6.7m effective from July. As a result, the Board's original 2008 allocation of £49.5m will increase to approximately £56.2m, a rise of some 13.5%.
The revised prize-money allocation for the period between 1 July and 31 December equates to a calendar year provision of £62.5m, equalling the best year on record which was 2006.
The Levy Board has sought to plan for future years, with the intention, as far as possible, of creating a stable prize money fund. Based on current forecasting, the Board is looking to provide a prize-money allocation for 2009 to 2011 of at least £65m per annum, assuming that sustainable future Levy schemes are reached.
Paul Dixon said: "We commend the Levy Board for responding to the Horsemen's Group request to maximise the increase and bring their contribution back to £62.5m - the highest-ever figure. We are also grateful to the Board for agreeing with us that the higher prize-money contribution should start from 1 July.
"We understand the prudent decision of keeping some money back to give the industry a degree of certainty that Levy contributions to prize-money will not fall below £65m in 2009, 2010 and 2011 and we look forward to hearing more about new plans for prize-money distribution in which we and the racecourses will be centrally involved. Given that all other contributions to prize-money are at least maintained, we should be looking at a record minimum prize-money pool of around £110m in 2009."
The Levy Board took the decision at its April strategy review meeting to increase prize-money with immediate effect against the background of an estimated enhanced Levy yield forecast of at least £110m for the 46th Levy Scheme (2007/08).
news release
25 April 2008
Levy Board prize-money announcement is 'very good news for the whole industry'
HORSEMEN'S Group chairman and Racehorse Owners Association president Paul Dixon today hailed the news of increased prize-money from the Levy Board.
He said: "This is very good for the whole industry. Owners, trainers, jockeys, breeders and stable staff have been getting very frustrated by prize-money going from bad to worse over the past year or so and it is a relief to the people who keep the industry going that now something is being done about it."
The Levy Board has confirmed an increase in its 2008 prize-money fund of approximately £6.7m effective from July. As a result, the Board's original 2008 allocation of £49.5m will increase to approximately £56.2m, a rise of some 13.5%.
The revised prize-money allocation for the period between 1 July and 31 December equates to a calendar year provision of £62.5m, equalling the best year on record which was 2006.
The Levy Board has sought to plan for future years, with the intention, as far as possible, of creating a stable prize money fund. Based on current forecasting, the Board is looking to provide a prize-money allocation for 2009 to 2011 of at least £65m per annum, assuming that sustainable future Levy schemes are reached.
Paul Dixon said: "We commend the Levy Board for responding to the Horsemen's Group request to maximise the increase and bring their contribution back to £62.5m - the highest-ever figure. We are also grateful to the Board for agreeing with us that the higher prize-money contribution should start from 1 July.
"We understand the prudent decision of keeping some money back to give the industry a degree of certainty that Levy contributions to prize-money will not fall below £65m in 2009, 2010 and 2011 and we look forward to hearing more about new plans for prize-money distribution in which we and the racecourses will be centrally involved. Given that all other contributions to prize-money are at least maintained, we should be looking at a record minimum prize-money pool of around £110m in 2009."
The Levy Board took the decision at its April strategy review meeting to increase prize-money with immediate effect against the background of an estimated enhanced Levy yield forecast of at least £110m for the 46th Levy Scheme (2007/08).