Horseracing Ireland (HRI) has announced record prize-money for 2017, along with an increased allocation in funding for integrity services.
A rise of €3.7 million will see Irish prize-money stand at €60.5 million next year, with minimum race values also being increased to €10,000 and at least one race to the value of €15,000 being programmed for every race day. At least 75% of fixtures will have a feature race worth €20,000 or more, and entry fees for races falling below this value will be cut from 1% to 0.9%––a measure that is estimated will collectively save owners in Ireland €600,000 per year.
A budget of €9.6 million will be dedicated to integrity services, which will incorporate capital expenditure on laboratory equipment for the forensic unit, while a total of €745,000 has been allocated to training and education.
HRI's CEO Brian Kavanagh commented, “The HRI Board is committed to increasing prize-money, improving integrity services and reducing costs for all participants in the industry, which is reflected in the budget decisions made for 2017. The prize-money increases will be aimed at the races in which most owners will be competing. We are able to deliver the benefits outlined due to increased commercial revenues and the increased allocation to the Horse and Greyhound Racing Fund recently confirmed by Minister Creed. The budget has an emphasis on improving the situation for many participants in the industry who have been struggling in recent years and is designed to deliver a positive impact throughout the country.”
HRI has also committed “significant investment” for expanding the ownership base in Ireland, with a marketing support scheme designed to help trainers promote their businesses.
Kavanagh added, “2016 has seen increases in ownership and horses in training numbers, and the new HRI ownership function will actively promote the recruitment and retention of owners in Ireland. We have reduced costs for owners, trainers, jockeys and bookmakers, although there is still more to be done.”
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