HRI boosts prize money by €5m for 2015
Prize money in Ireland is to be increased by €5m in 2015 to €53.9m, Horse Racing Ireland has announced.
HRI approved for the minimum race value to be increased from €7,500 to €8,000, with significant increases to other base values.
The key priority has been to target point-of-entry races, such as Flat maidens, bumpers, maiden hurdles and beginners’ chases, as a means of encouraging greater levels of racehorse ownership.
Handicaps will be increased on a tiered basis while some black-type categories have been raised under both codes to ensure that Ireland’s premium races remain competitive internationally in prize-money terms.
HRI will also contribute €316,000 towards the joint Anglo/Irish ’Plus Ten Scheme’ which will see up to 100 bonuses of €12,000 paid out to the qualifying winners of all two-year-old races, excluding black-type races, run in Ireland.
Other key features of HRI’s budget for 2015 include the establishment of a new racecourse capital development fund of over €100m, enhanced integrity funding and further reductions in owners’ and trainers’ administrative costs.
HRI chairman Joe Keeling said: “When I became chairman, I made a public commitment to reduce the costs of ownership and increase prize-money and thanks to the Government’s improved level of funding for 2015, we can continue to deliver on that commitment.
“The security provided by knowing that our funding will increase for each of the next two years allows us to establish a Capital Development Fund in excess of €100m.
“The requirement to enhance our drug testing systems is a priority given the events that unfolded in Ireland and overseas this year, and HRI is determined to create and fund a world-class system to address the needs of the industry in the long-term.”
A provision of €7.1m has been set aside for integrity services while reductions in administrative charges for racehorse owners and trainers is expected to save €500,000.
Six additional fixtures will be allocated on a one-off basis for 2015 in April/May for National Hunt and September/October for Flat.
HRI chief executive Brian Kavanagh said: “Improving racecourse facilities is of the utmost importance, with the Curragh and Leopardstown obvious priorities, reflecting the high standard and international status of the races staged there.
“I am particularly pleased that we have been able to increase prize-money, which will help to ensure that Ireland remains competitive internationally.”
