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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