The British Horseracing Board is to reduce the overall levels of prize money contributed by racehorse owners through entry fees.
The move follows a detailed review of recent trends in the level of entry fees, the proportion of prize money contributed by owners relative to other sources and comparisons with other major racing countries.
Entry fees, calculated as a percentage of total prize money added to stakes, are determined by individual racecourses within limits laid down by the BHB. The precise range within which racecourses may exercise their discretion depends on the category of race.
From 14th February 2000, minimum and maximum entry fees for all non-Pattern races on the Flat and for all National Hunt races will be reduced from 0.5% to 0.25% and from 1% to 0.75% respectively.
Minimum entry fees for Group 1 and Group 2 Flat races will also be reduced from 0.75% to 0.5%, but the upper limits for all Group races on the Flat will remain unchanged to avoid jeopardising the international competitiveness of such races.
The new scales are summarised below:
Current From 14th February 2000
FLAT Group 1 0.75% – 1.5% 0.5% – 1.5%
Group 2 0.75% – 1.25% 0.5% – 1.25%
Group 3 0.5% – 1% 0.5% – 1%
Other 0.5% – 1% 0.25% – 0.75%
NH All races 0.5% – 1% 0.25% – 0.75%
During 2001, the Board intends, subject to a further review in a year’s time, to reduce the upper limit for non-Group races on the Flat and for all NH races from 0.75% to 0.5%.
BHB Racing Director, Paul Greeves, said:
“”We are keen to do whatever we can to reduce costs for owners, and this is an important step in the right direction.
“”The overall saving for owners from the changes announced today will be at least a million pounds a year – it could be significantly more, depending on the actual entry fees fixed by racecourses.””
Michael Harris, Chief Executive of the Racehorse Owners Association, said:
“”The fact that the owners’ contribution to the prize money pool has been rising for the last couple of years has caused concern at the ROA.
“”We are very pleased that the BHB shares this concern and has acted quickly to try and reverse this trend by reducing owners’ costs.””