PRIZE MONEY UP FROM 1 FEB

Victorian thoroughbred owners, trainers and jockeys will be receiving a welcome pay rise with a prize money boost to take effect from 1 February.

At its final meeting for the year on 4 December, the RVL board confirmed that the second phase of a two-year $23.6 million prize money plan will be implemented from 1 February 2009.

The increases are targeted at minimum prize money levels for standard races to ensure these additional funds are spread broadly to racing’s participants.

The increases to minimum prize money include:

• Metropolitan Saturday and feature night races from $60,000 to $70,000
• Metropolitan Midweek and standard night races from $27,500 to $30,000
• Country Showcase races from $21,500 to $22,500
• Country Minimum TAB races from $10,500 to $12,000 and from $13,500 to $15,000 for Thursdays and Sunday P1 meetings.

We have carefully reviewed our budget for the remainder of the year and have taken into account a range of matters including revised forecasts from the joint venture partnership with TABCORP.

We have been able to commit to the additional $4.5 million required for the rest of this racing season and remain determined to deliver the full $23.6 million over the two years.

The increases will also be welcome news for breeders and yearling vendors heading into the 2009 Inglis Premier Sale on 1 to 4 March at Oaklands Junction.

As well as the top-line prize money increases, since the start of the 08/09 racing year an annual reduction in racing fees of $2.2 million has been implemented through the removal of the non-declaration & Training Facility Fee charges to owners and trainers.