By Michael Lynch
Under pressure from owners, trainers and jockeys to lift prizemoney to keep pace with the richer stakes on offer in NSW, Racing Victoria on Friday announced that $5 million in additional funding will be distributed across the industry as a result of a successful spring carnival.
At its meeting on Thursday, the RV board agreed to boost stakemoney by an additional $3 million to reward jockeys, trainers and owners.
Madeenaty won Melbourne's first two-year-old race of the season this year. Credit: Vince Caligiuri
It will share a further $2 million among the state's three metropolitan clubs – the VRC, MRC and Moonee Valley Racing Club – as well as Country Racing Victoria.
From February 1, minimum prizemoney for all 2YO and 3YO races and open handicaps at Saturday metropolitan meetings will increase to $100,000.
RV chief executive, Bernard Saundry, said: "We were really pleased with this year's spring racing carnival which saw increases in both wagering and attendances. As a result, we are in a position to reward a broad range of stakeholders for their valuable contributions.
"The increase in minimum Saturday metropolitan prizemoney to $100,000 for 2YO, 3YO and open handicaps ensures that owners and trainers are both rewarded for campaigning their horses in Melbourne and have confidence to invest at the upcoming yearling sales."
Saundry said that the increases announced on Friday mark the start of a strategic review into Victoria's prizemoney model which will continue through the first quarter of 2017, ultimately informing decisions on further prizemoney increases for the 2017-18 racing season.
"Our metropolitan and country clubs play a central role in ensuring the spring racing carnival is a showpiece event for Australian sport. They can be proud of their efforts this year in driving positive results around turnover, attendance and community engagement and are to be commended on their event delivery and track preparation," Saundry said.