UK racing faces cuts in prize-money

BRITISH racing faces cuts in prize-money next year after the Levy Board revealed a fall in levy yield for 2008-09 in its annual report.

The levy yield, racing's main funding mechanism, fell to £91.6m from £115.3m in 2007-08, even discounting the £15.8 million windfall from high-rolling punters that boosted the last scheme, yield fell by eight per cent.

Outgoing Levy Board chairman Rob Hughes said: "Discounting the well-publicised high rollers in the 46th Levy Scheme, the levy yield has fallen by 8 per cent year on year, which is disappointing. The Levy Board is now actively pursuing initiatives to reverse this decline.

"After 11 years in the chair, my final year has however marked some significant improvements, not least the improved relationship between racing's representatives and the bookmakers' committee, which has resulted in agreement on a further rollover of 10 per cent of gross profits for the Levy Schemes up to April 2011 and the opportunity to work together on a series of initiatives. I am very grateful to my colleagues on the LevyBoard for their cooperation."

sign off the times

Britains on its knees with its hands tied behind its back and its head is on the gullotine just waiting for someone to release the blade. Thats what happens when a Socialist ruins a country.

Hibs , did you watch Seb Sanders in the 3.50 @ Lingfeild? Ride of the month?

So many top riders in the UK that when you put your cash down you know you got a chance.

Ryan Moore , Seb , Jamie Spencer and Richard Hughes all sound as the british pound!

Like it scouser "as sound as a pound".

I'm looking for a bookmaker prepared to lay me odds that we will have a stakes cut soon.

Any offers?

Sounds like my kind of price Garrick

Indeed it would be Dave - I would guess 1/3 Stakes cut 2/1 no stakes cut.

The issue from a betting perspective would be - What timeframe? I guess a year would be a reasonable timeframe.

Now if the clubs had half a brain they would lump on the No Stakes Cut price and simply balance the books with the winning bet!

some auction houses will do good busness if stakes are cut

hand all the decision making reigns to the boys at Phumelela, they seem to know how to make a turnover.

A HUGE cut has been proposed in Ireland's Horse & Greyhound Racing Fund for 2010 by an expert group established by government to identify massive reductions in public expenditure in response to the recession.

In seeking savings of €105 million within the department of arts, sport and tourism, the Special Group on Public Service Numbers and Expenditure Programmes has suggested chopping €16.6 million from the money set aside for racing and greyhounds.

The news will send a shiver down the spine of the racing industry, which has already had to contend with sharp cuts in prize-money and other areasfor 2009.

The report from An Bord Snip Nua, the government's cost-cutting panel, calls for the elimination of as many as 17,539 public sector jobs as part of a plan to cut public expenditure by an annual total of €5.3 billionto save the republic's flagging economy, which is expected to suffer an 11% downturn in GDP this year.

However, on Thursday Brian Kavanagh, chief executive of Horse Racing Ireland, said: "Other than noting the proposals made by the expert body in its report published today, there is really nothing further we can say at this stage.

"The report involves various recommendations which will have to be considered by the government and the government will make their decisions some time later this year. We will wait and see what develops."

Already this year HRI has announced two stages of budgetary cutbacks for 2009 as a result of reductions in government funding. Prize-money has been reduced by €6.6m, which represents a cut of 11 per cent on last year's figure.

The effects of the cutbacks already in place include a halt to HRI's capital development programme, pay freezes and cuts ingeneral overhead expenses and a reduction in HRI's funding of the Turf Club's integrity services budget.

So we are "going to the dogs"?