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Transparency Pledge from Jockey Club as it Boosts Prize-Money to £60.1m

The Jockey Club has pledged to extend its “commitment to openness” in sharing figures relating to media rights payments to each of its 15 racecourses and other revenues.

The news came on the back of an announcement of increased prize-money of £60.1 million across the 334 fixtures due to be staged by the Jockey Club in 2024. Of that, £31.8 million will come from Jockey Club funds, referred to as “executive contribution”, representing a 66.5% increase across the last decade.

In 2023, the Jockey Club's executive contribution was projected to be £31.1 million with total prize-money of £59 million for 342 scheduled fixtures, subject to abandonments.

As well as prize-money, a total of £11.7 million has been included in the budget for the next 12 months for the upgrading of facilities.

.”It's really important to us at The Jockey Club to continue to be transparent in sharing details of our business performance with industry participants and stakeholders,” said the Jockey Club's chief executive Nevin Truesdale in announcing the intention to share financial information with the Thoroughbred Group, which represents breeders, owners, trainers, stable staff and jockeys.

“By agreeing to extend this commitment to provide the Thoroughbred Group with more information around our revenues and costs, we are seeking to drive critical industry collaboration to work together to grow the sport, while also providing a clearer picture of the challenges we face as a racecourse operator.”

He added, “Given the unprecedented financial headwinds the horseracing industry is currently facing, we are pleased to be able to announce today that the Jockey Club's executive contribution to prize-money will be increased to £31.8 million in 2024, taking our overall prize-money past the £60 million mark for the first time.

“Our mission is to power racing's future and to ensure that our sport thrives for generations to come. That would not be possible without our participants and all those whose jobs not only help British racing prosper but rely on the industry.

“So, while we continue to take important steps to improve our business efficiency in the face of significant and unprecedented economic challenges, there is also an ongoing focus on investing across our estate and in participants, which includes a commitment to prize money. This has led us to some very difficult decisions in our financial planning for 2024 and we are pleased to be able to deliver an increase in prize-money investment in these very challenging circumstances.”

The Jockey Club's attempts to improve communication regarding its business decisions with the wider industry includes having conducted 39 “transparency meetings” in the last two and a half years with 120 individuals, including owners and trainers. This stance was welcomed by the chair of the Thoroughbred Group, Julian Richmond-Watson, and also by Paul Johnson, chief executive of the National Trainers' Federation.

Johnson said, “The announcement from the Jockey Club is most welcome on two fronts. Firstly, amid concerns that the sport's financial headwinds could see prize-money fall from 2023 levels, it is very positive to see that the Jockey Club has been able to deliver an increase. Secondly, and looking further forwards, we are delighted to be able to have agreed on a commitment to greater transparency over finances. We believe that this is an enormously important step in being able to agree commercial partnerships with racecourses, something that we see as a foundation stone for working together to improve the sport's future.”

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Ascot Prize-Money Increases to £17.5 Million Next Year

The total prize-money at Ascot Racecourse in 2024 will increase to £17.5 million, the racecourse announced on Wednesday. This marks a 3.9% increase on 2023's total of £16.8 million.

Royal Ascot's prize-money has been raised to an even £10 million, with no races contested at less than £110,000, up from £100,000. All Group 1 races at the iconic stand will be worth £650,000, an increase of £50,000 per race. The affected races include the King Charles III S. (formerly the King's Stand S.), the St James's Palace S., the Gold Cup, the Commonwealth Cup, and the Coronation S.

Nick Smith, Director of Racing and Public Affairs at Ascot Racecourse, said, “We are pleased to be delivering these prize-money increases in 2024 against a backdrop of uncertainty and an unprecedented number of negative headwinds for the industry. The financial impact on all facets of the industry is already being acutely felt.

“It is, however, crucial for Royal Ascot to maintain its position on the global stage at a time when participants at home and abroad have so many alternative lucrative options away from Britain.

“Whist the main increases have been made to the Royal Meeting to enable us to get to £10 million for the first time, we have made increases in other areas of the programme as well.

“These include increases to fit with the new Premier fixture structure, including at the Dubai Duty Free Shergar Cup, where there is a particular focus on maintaining full fields.

“Importantly, no race at Ascot will be run for less than in 2023 including at our Core (non-Premier) fixtures. This is in spite of a reduction in central funding to this element of the programme, which has therefore required further increases in executive contribution.”

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Ellis Park Meeting Concludes with 22% Increase in All-Sources Handle

Ellis Park Racing & Gaming's summer season has come to a close with a substantial 22% gain in all-sources handle and 48% increase in prize money awarded.

In total, more than $60.4 million was wagered at the 24-day Ellis Park meet, $11 million more than 2022. Along with the sizable handle increase, the connections who raced at Ellis Park were rewarded with more than $14.1 million in prize money, an increase of 49% from 2022. (includes funds from the Kentucky Thoroughbred Development Fund).

“The racing season at Ellis Park has been a great success,” Ellis Park General Manager Matt Pressley said. “Our team delivered a top-class racing product for our fans on-track and around the country. We're grateful to everyone who competed with us this summer and to the horseplayers who supported us through the windows. Thanks to the continued investments of Churchill Downs Incorporated we can look forward to a thriving future of horse racing at Ellis Park.”

At the close of the summer season, jockey Gerardo Corrales, trainer Brad Cox and Godolphin wrapped up titles in their respective divisions.

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British EBF Support Tops £2 Million

Edited Press Release

For the first time in the 40-year history of the organisation, the British European Breeders' Fund will increase its contribution to prize money to £2 million.

“Britain continues to be recognised for the quality of its stallion market: we stand promising young sires and established producers of Champions,” said British EBF Chairman Simon Sweeting. “The support of all our stallion owners to the British

EBF means we can support well over 700 flat races in 2023 with £1.9million, our biggest commitment to date. With our National Hunt programmes considered too, the British EBF contribution is over £2 million, directly to racing's prize money. It is a genuine enhancement of the value of the race programme, with a particular focus on developmental races and projects that protect the diversity of the race programme and, ultimately, the Thoroughbred.”

Areas of the programme that will benefit from the extra support include juvenile developmental races, sire/dam-restricted 2-year-old races and a small series of novice and maidens for 3-year-olds.

“Some of our established high-value Novice and Maiden races at premier fixtures will benefit from extra funding. Our successful sire/dam-restricted races will receive a boost as an important cross-industry initiative to encourage the production of quality stayers in Britain. We are also supporting the BHA in special projects to strengthen developmental opportunities in the older horse programme.

“This is in addition to our long-standing commitments to our high-value fillies' and mares' handicaps, designed to retain mares in GB and give them productive targets throughout the season, and of course, our flagship British EBF £100,000 2yo Series finals founded last year.”

The British EBF 2yo Series covers over 140 qualifying races and is capped by a finale for fillies at Goodwood and one for colts and geldings at York, each worth £100,000. It aims to support the commercial end of the sales and stallion market by utilising Restricted Novice and Maiden races as qualifiers. A number of these, now supported by long standing EBF contributor Juddmonte, are to be run at £30,000, making them valuable qualifying targets on the way to the finals.

In 2022, David Mensuisier's €13,000 purchase Munch (GB) (New Bay {GB}) claimed the fillies' final at Goodwood. The race went on to produce subsequent Listed Winterkonigin Trial winner Sirona (Ger) (Soldier Hollow {GB}). The colts' final was won by the unbeaten Eve Johnson Houghton trained Streets of Gold (Ire) (Havana Gold {Ire}), a £27,000 Tattersalls Ireland purchase whose spring target is the G1 2000 Guineas. The race also produced Legend of Xanadu (GB) (Sixties Icon {GB}) who went on to with the Listed Doncaster S. at the end of last season.

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