The British Horseracing Authority (BHA) announced today that its proposal for a new prize money incentive scheme for British Owners and Breeders has received Horserace Betting Levy Board (HBLB) funding, and will be implemented in time for the 2013 Flat season in March.
The “British Owners and Breeders Incentive Scheme”, developed in conjunction with the Thoroughbred Breeders Association (TBA), will offer prize money incentives of £6,000 to connections of any two or three year-olds who are nominated to the scheme and are successful in any Class 2-4 race or Class 5 Fillies Maiden.
This could result in prize money incentives of up to £2.93m per year being returned to participating Owners and Breeders in Britain. The scheme is funded by a combination of registration and nomination fees, supplemented by the funding from HBLB.
Paul Bittar, Chief Executive of BHA, said:
“I am delighted that we have succeeded in securing industry wide agreement and funding for the introduction of the British Owners and Breeders Incentive Scheme. We hope that the scheme will encourage investment in British bloodstock, stimulate racehorse ownership in Britain, as well as incentivise owners to run their horses more often.
“We offer our thanks to the Thoroughbred Breeders Association, who initiated the concept, but in order for the scheme to be successful it needed backing from the Racing industry, and as such we are pleased that the scheme has received universal support.”
The British Owners and Breeders Incentive Scheme is designed to complement the European Breeders’ Fund in year one and will have around 450 qualifying races, around double the total of qualifying races for the Racing Post Yearling Bonus Scheme.
Eligibility to the scheme is via parentage with all progeny from a British domiciled mare or a British based stallion being eligible to join the scheme.
Anna Powell, International Development Manager for British Bloodstock Marketing (BBM), said:
“British Bloodstock Marketing is delighted to support the British Owners and Breeders Incentive Scheme. We look forward to promoting the scheme and working with both the BHA and TBA to drive forward this exciting initiative and ensure the optimum levels of take up are achieved.”
Alan Delmonte, Operations Director of HBLB, said
“The Board supported the aims of the Scheme and has agreed to provide funding in 2013 with a maximum contribution of £1.1m. In addition, we are pleased to confirm the continuation of Breeders’ Prizes for Jump racing next year which will increase to £400,000, up by £100,000 on 2012. We welcome the undertaking of the BHA and TBA to seek to reduce the number of different incentive schemes.”