Saturday, December 13, 2008

Breeders Cup Cuts 2009 Purse Supplements

Citing an anticipated reduction in revenues due to the dismal worldwide economy, the Breeders’ Cup has suspended its $5 million program providing supplements to stakes purses at 40 race tracks in 2009.

The Breeders’ Cup also approved of increasing the entry fees to 0.5-point for the 2-day card of the Breeders’ Cup World Championships and reducing nomination fees for horses of racing age.

Purses for the 14 Breeders’ Cup races of $25.5 million remain the same as this year for the 2009 Breeders’ Cup World Championships at Oak Tree at Santa Anita Park.

“Even with the difficult economic circumstances, the board was committed to holding the line on championship purses,” said Breeders’ Cup’s chief executive, Greg Avioli, referring to the 14 races, in a prepared statement. “While the financial results for the 2008 championships were solid, the combination of the economy and its effects on the sales and breeding segments of our business provides a challenging environment, and we’ve had to take steps to ensure that we emerge positively from the current atmosphere.”

The $5 million supplemental stakes program provides up to $100,000 in purse supplements for designated stakes races. Horses who are nominated to the Breeders’ Cup are eligible to earn the purse money from the supplements, while non-nominated horses run only for the base portion of the purse.

Nomination fee for horses of racing age whose sires were not nominated to the Breeders’ Cup will be reduced from $250,000 to $200,000, the Breeders’ Cup said. For horses of racing age who were not nominated as foals but whose sires were nominated, the fee will drop from $150,000 to $100,000. Breeders’ Cup said that it decided to reduce the fees as an incentive for non-nominated horses to participate in the 14 year-end races.

In addition, entry fees for all horses will be increased from 2.5% of the purse to 3%. Entries fees were reduced to 2.5% in 2005.

"Breeders Cup Cuts 2009 Purse Supplements" was posted on Friday, December 12th, 2008 at 10:15 pm and is filed under Breeders' Cup, Horse Racing Industry, Race Tracks News, Stakes Races, USA Horse Racing. You can follow any responses to this entry through the RSS 2.0 feed. Leave a response, or trackback from your own site.

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