Racing:Horse Racing Ireland (HRI) today announced that a record level of prize money will be on offer next year with the overall purse increasing by €3.5million to €58.6m.
HRI confirmed their contribution will increase by €1.6m to €33.1m for 2007. A significant proportion of the increase (€1.4m) will go towards the funding of 14 additional fixtures next year. Two of those will be on the turf and 12 on the new all weather facility at Dundalk.
"HRI is committed to offering prize money which bears the most favourable international comparison," said HRI Director of Racing Jason Morris. "HRI intends to ensure that all horses are rewarded broadly in accordance with their ability throughout their careers.
"There is a particular emphasis on improving the prize money for the highest quality Grade 1 National Hunt races and for the top Flat Handicaps, which will hopefully lead to even more top class horses being campaigned in Ireland in the future".
Additionally, the value of the Goffs sales races will increase by €800k, while prize money allowances have also been made for anticipated improvements to the flat and national hunt black type programmes.
HRI also approved base values for the various race categories. As many races are also sponsored, prize money will invariably be greater than the base values.
Key points and base value adjustments for 2007
1. Increase to National Hunt Grade 1 races
The Board approved an increase in the minimum value for
National Hunt Grade 1 races from €65k to €100k
(inclusive of sponsorship contribution). The Board recognised that
it should target extra resources at the Pattern races where
enhanced prize money was most required to maintain or improve their
quality.
2. Increases to Flat Premier Handicaps
The Board approved the creation of a number of more valuable
and higher profile Flat Premier Handicaps and supported the option
of creating three different categories with respective base values
of €100k, €75k and €50k. In total, there will now
be 10 Premier Handicaps (up from six) with a value of at least
€100,000.
The Handicaps which will be included in each category:
· In the first €100k category, there will be 4
races - the Tote Galway Mile which will increase in value from
€150k to €160k, and the Rockingham, Cambridgeshire and
September Handicaps, which will all increase in value from
€100k to €120k.
· In the second €75k category, there will be eight races - the Lincoln, Guineas Festival, Ulster Derby, Waterford Crystal, Scurry, Guinness (last three on Derby Day), Galway and Cesarewitch Handicaps.
· In the third category there will be a further 13 Premier Handicaps, all with a base value of €50k (up from €47.5k).
3. Re-Classification of National Hunt Racecourses
The Board agreed that Gowran Park, Naas and Navan should be
re-classified as Grade 1 racecourses for National Hunt prize money
purposes (their Flat categorisation as Grade 2 does not change).
This reflects the fact that all three courses stage top class
National Hunt racing, predominantly during the winter months.
4.Increase Absolute Minimum Value
The Board approved an increase of €500 in the
absolute base value for races from its current level of
€8,000 up to €8,500. At present, the gross prize money
won by the winning owner in the lowest value Irish races comes to
roughly €5,600, and the Board felt that it would be
beneficial to raise this figure closer to €6,000.