Horse Racing Ireland has announced increased prize money and reduced administrative costs for 2014 in a bid to spark increased levels of racehorse ownership off the back of rising economic indicators in the general economy.
The changes were flagged by new Horse Racing Ireland Chairman Joe Keeling at last week’s HRI Annual Awards and were approved by the board on Friday.
He suggested there was a need to increase prize money in order to protect the position of Irish racing a s a world leader. Levels had fallen here in recent years with reduced income from the Horse and Greyhound Racing Fund while the opposite was the case in rival nations like France and Britain.
Prize-money in Irish racing for 2014 will increase by 5%. In total this is a rise from €46.2m to €48.5m, and the changes will be most keenly felt at the lower levels where the minimum prize for winning a race will now be €7,500 rather than €7,000, an increase of a little over 7%.
There will also be a 311,000 reduction in administrative charges for racehorse owners and trainers, representing a 10% cut in what it costs to have a horse in training.
Racehorse ownership is a priority for 2014 and an additional €120,000 is being made available for the promotion of ownership through racing syndicates.
An additional allocation of €167,000 has also been approved for Equine Forensic Testing. This will be administered in the short term by the Turf Club pending a completion of the streamlining of many services between them and HRI, also flagged for early in 2014, and which will deliver the savings that allow the reduction in costs.
Equine testing is an important area where Ireland is in a position to lead the world. The Irish Equine Centre in Johnstown County Kildare recently won a €1.2 million EU contract to establish new procedures around improved testing for horses and animals in the food chain.
Other than the completion of projects approved in 2013, there will be no racecourse capital development grant scheme in 2014. Work has commenced on seeking to establish a new scheme from 2015 onwards. Other savings will come
“We are making these changes to maintain Ireland’s place as a great location to own train and race horses,” said HRI Chief Executive Brian Kavanagh.
“The decline in ownership since 2008 is one of our greatest concerns, which is why we have appointed a dedicated ownership manager and increased the ownership promotion budget. Improved prize-money and reduced administrative costs will help that initiative considerably.”
