Prize-money at Perth set for 30 per cent increase
By Graham Green 7:52PM 26 MAR 2012
PERTH, Britain's most northerly racecourse, revealed on Monday it had shrugged off the financial problems still gripping many areas of the industry with a near 30 per cent increase in prize-money for next season.
In offering a programme worth more than £650,000 - an increase of £160,000 from this season - the Scottish course will ensure all races have a minimum prize fund of at least £5,000, with the exception of two hunter chases and bumper races, although they too will meet Horsemen's Group tariffs.
At a time when racing's finances have been hit by a steady decline in the levy, Perth general manager Sam Morshead is proud to have been able to buck the trend on the back of a 12 per cent increase in attendances combined with similar growth in turnover.
He said: "The last two years have coincided with a difficult economic climate, together with a huge downturn on sponsorship, making our drive to maintain above-average levels of prize-money tortuous.
"However, thanks to a good year and with Levy Board commitments fulfilled, we are moving into new territory and are delighted to announce the expected prize-money total for 2012-13."
He added: "We are grateful to our existing sponsors, particularly Crabbie's Alcoholic Ginger Beer and Aberdeen Asset Management, who are supporting our forthcoming Perth Festival on April 25-27.
"We are also very grateful to a contribution of £20,000 from Betfair that has provided the opportunity to bring all lower-tier races up to £5,000."
Morshead is looking to add further to prize-money levels by seeking a new sponsor for the City of Perth Gold Cup.
His decision to launch the race in 1999 as part of a local campaign was vindicated this month when Perth was among three towns chosen for city status aspart of the Queen's Diamond Jubilee celebrations.
