Prizemoney increase for owners

RVL Announces New Deal for Owners and Trainers

The board of Racing Victoria Limited (RVL) recently announced approval of a $3 million package which includes an increase in prize money and a cutback in racing fees paid by owners.

The initiative began at the start of the new racing season on August 1st.

Prize money will now be paid to tenth place in all races except Group and Listed events which will keep the current practice of paying to eighth place. The existing procedure of paying a starter’s subsidy to all unplaced runners will be stopped.

$2.5 million in fees currently charged by RVL and clubs to trainers and subsequently passed to owners will be removed; this will include the non declaration fee and training facility fee.

In late July RVL made an announcement relating to prize money as part of the annual budget and prize money review process.

Phase 1 of this plan will commence from August 1st 2008 to meet the industry’s key objectives to increase prize money levels in country races and midweek / night metropolitan races. Key highlights of the increases applying from 1 August 2008 include

-Increase in country minimums from $9000 to $10,500 and from 12,000 to $13,500 for Thursday and P1 Sunday meetings.

-Increase in midweek and night races to a minimum of $27,500.

Phase 2 of the plan is set down to commence from February 1st 2009 and includes

-Increase country minimums to $12,000 and to $15,000 for Thursday and P1 Sunday meetings

-Increase in metropolitan midweek/night races to a minimum of $30,000 and Saturday/feature night races to $70,000.