Horse Racing Ireland released the components of its 2016 budget Wednesday after they were approved in a Dec. 18 HRI board meeting. HRI aims to continue increasing prize-money, administrative cost reduction for owners and trainers and the creation of a new fund to support education and training across the Thoroughbred industry.
Notable changes in the budget include: prize-money sees a €3.1 million increase (5.8%), with 2016 minimum race values rising from €8,000 to €9,000; the percentages of the purse horses receive from second to fourth have also been reallocated, with the second-place horse receiving 20%, third-place 10% and fourth-place horse 5%; HRI will contribute £250,000 to the joint Anglo-Irish 'Plus 10 Scheme', with £10,000 going to the qualifying winners of all 2-year-old races, excepting black-type, as well as the initial 25 qualified 3-year-olds to break their maidens in 2016; the cost for administrative charges for racehorse owners and trainers will decrease by €250,000 (8%); grants were approved for the Irish Equine Centre and Irish Thoroughbred Marketing (ITM) for €1.115 million and €1.275 million, respectively; and a total of €742,000 was allocated for industry training and development, with an additional €300,000 committed to industry education and training.
“In this budget we have continued our commitment to increase prize-money and to reduce costs for owners and trainers,” said Brian Kavanagh, Chief Executive of HRI. “Racegoers and industry professionals will see a significant uplift in the quality of our facilities at tracks through the continuing rollout of our Racecourse Capital Development Plan in the years ahead, including flagship projects at Leopardstown, Punchestown and The Curragh.”
He added, “HRI is committed to improving prize-money to remain competitive internationally and to attract and retain owners. I am particularly pleased to confirm our additional commitment to education and training which will be central to the development of the industry in the years ahead. Increased funding for the Irish Equine Centre will also help to ensure that it can continue its valued work on behalf of the industry.”
For more details of the2016 HRI budget, please go to www.hripressoffice.ie/.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
