July 20, 2011
Racing industry support for thoroughbred initiative
The New Zealand Racing Board and Racing Codes have backed a bold initiative proposed by the new Board of New Zealand
Thoroughbred Racing to revitalise the Code and improve returns to all industry stakeholders.
The key components of the NZTR initiative focus on changes to the thoroughbred racing calendar, programming,
handicapping and prizemoney allocation.
NZTR Chairman Matthew Goodson said the proposed changes to the racing calendar and the funding framework marked the
start of an exciting period of change and revitalisation for the industry.
“This is an important step towards relieving financial pressure and providing the returns our world-class thoroughbred
industry merits.
“Much remains to be done but this agreement is an excellent example of the racing Codes working together for the greater
good of the whole industry.
“When NZTR prepared a case for change that required variation to the current calendar and funding models, we recognised
the need to reach agreement with the NZ Racing Board, Harness Racing NZ and Greyhound Racing NZ. We are very grateful
for their backing of this NZTR initiative.”
The proposed racing calendar changes, scheduled to commence in March next year, will see thoroughbred meetings held most
weeks from Monday through to Saturday, in addition to Sunday racing from November through to March of each season.
NZTR will run more meetings with the same number of races. There will also be changes to the domestic harness racing
schedule, with fewer Tuesday meetings and more racing on Sundays. The greyhound racing calendar is not affected.
NZ Racing Board Chairman Michael Stiassny praised NZTR’s initiative and the backing of the two other Codes.
“A challenging environment demands bold decisions and the willingness of the Codes to work together for the benefit of
the entire racing industry is very satisfying.
“Domestic thoroughbred racing is vital to the industry and the wider economy, so it’s in everyone’s interest to ensure
it is as strong, vibrant and viable as possible – regardless of whether you’re an owner, trainer or punter here in New
Zealand or overseas.”
To assist and provide certainty of funding the profit distribution model in 2011/12 has been amended, with fixed
proportional payments to each Code. The proportional payments have been agreed to by each Code.
The proposed funding model means all three Codes have certainty around minimum funding levels in 2011/12, allowing each
to implement financial planning for the coming season. If racing provision targets are met or exceeded, the funding
model will continue the following season, with a maximum of a four-year term possible.
The final payments to each Code are: $69.475 million to NZTR, $37.816 million to Harness Racing NZ and $19.346 million
to Greyhound Racing NZ – subject to the NZ Racing Board confirming its final profit forecast for 2011/12 of $135 million
(net of $8.363 million expenditure on behalf of the industry).
ENDS