The Jockey Club has pledged to provide greater transparency over its business performance as it announced prize-money will top £60million across its 15 racecourses for the first time this year.
A total of 39 ‘transparency meetings’ with 120 industry individuals to explain the Jockey Club’s business performance, prize-money, media rights and investment plans have been held over the last two and a half years
The operator says it will be “extending its commitment to openness” by providing more information to the Thoroughbred Group from 2024 onwards, including figures relating to individual racecourse media rights and other revenues, as well as disclosing other factors which impact decisions on prize-money and other investment plans.
Chief executive Nevin Truesdale said: “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.
“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.”
Julian Richmond-Watson is chair of the Thoroughbred Group, which represents the industry’s owners, trainers, jockeys, stable staff and breeders.
He said: “The Thoroughbred Group welcomes the Jockey Club’s further commitment to the sharing of financial information, which will now be provided on a more extensive basis than previously received.
“This enhanced visibility will allow us to focus on working together to grow the sport’s revenues and, in turn, increase the prize-money levels upon which our participants rely.”
National Trainers’ Federation chief executive Paul Johnson added: “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.”
An overall prize-money total of £60.1m will be offered across the 334 fixtures due to be staged this year by the Jockey Club, whose courses include Aintree, Cheltenham, Epsom and Newmarket.
This reflects a £31.8m executive contribution – the amount the organisation puts in from its own funds – with values for specific races and fixtures confirmed in due course.
The Jockey Club has also budgeted to spend £11.7m over the next 12 months on upgrades to its racecourses, which includes investment into improving racing surfaces, equine facilities and welfare standards.
Truesdale 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 £31.8million in 2024, taking our overall prize-money past the £60million 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.
“In addition to prize-money, the Jockey Club will continue to invest in many other areas of the sport, including equine welfare and improving the raceday experience for participants, owners and racegoers.
“We hope that by doing so, we will drive engagement, expand our fan base and increase attendances for the good of the sport.”
Supreme Ventures Racing urges review of racing rule after Caymanas Park abandonments
Supreme Ventures Racing and Entertainment Limited (SVREL), operators of Caymanas Park, have called for a review of Rule 44 (iii) enforced by the Jamaica Racing Commission (JRC) following the cancellation of two races during the April 27 race meet at Caymanas Park.
In a press conference on Monday addressing the abandoned races, SVREL Executive Chairman Solomon Sharpe expressed frustration with the rule, highlighting its potential impact on the racing industry.
"This rule, unique to Jamaica, imposes a strict five-minute limit after the published post time for races at Caymanas Park," Sharpe stated. "It fails to account for various factors that can delay race starts and penalizes all stakeholders when races are abandoned, affecting punters, jockeys, grooms, trainers, owners, promoters, and the government."
Last year, Caymanas Park contributed over $260 million in combined taxes to the government's coffers. Sharpe urged the JRC to engage SVREL in discussions on Rule 44, emphasizing the need for constructive dialogue to address the rule's impact.
"We were not consulted during the initial discussions on this rule, and now, with two races abandoned in a single race day, our concerns have materialized," Sharpe explained. "SVREL is open to collaborating with the JRC to review and refine this amended rule."
Representatives from the Grooms Association, Jockeys Association, and the United Racehorse Trainers Association echoed SVREL's concerns and supported the call for a review of Rule 44.
Sharpe concluded by appealing to regulators, stakeholders, and the public to support the growth of the horseracing industry in Jamaica. "Horseracing has immense potential in Jamaica and can become a significant foreign exchange earner. Realizing this potential requires collaboration among all stakeholders."
SVREL has been operating Caymanas Park since March 2017 after the government divested the property. With investments exceeding J$4 billion in product enhancements and innovations like the Mouttet Mile, which boasts the largest purse in the English-speaking Caribbean, SVREL remains committed to advancing the horseracing experience in Jamaica.
Supreme Ventures Racing regrets abandonment of two races at Caymanas Park on Saturday
Supreme Ventures Racing & Entertainment Limited (SVREL) has expressed regret and disappointment following the abandonment of two races during the Saturday, April 27 race day at Caymanas Park in St Catherine, Jamaica.
The decision to abandon these races, SVREL said, was made in compliance with regulations set forth by the Jamaica Racing Commission (JRC), leading to the refund of all related pools according to SVREL's Pari-mutuel rules.
According to the statement released by SVREL late Saturday, the abandonment of races number one and six, respectively, was declared by the stewards of the Jamaica Racing Commission (JRC) due to delays that exceeded the permitted time frame as stipulated by Rule 44(iii).
Specifically, in race number one, scheduled to commence at 12:00 pm, a saddling issue with horse number five and a mandatory veterinary check for horse number eight, which reared and fell after exiting the saddling barn, resulted in delays beyond the allowable limit.
Similarly, race number six, slated for 3:10 pm, was delayed due to a horse running loose, ultimately leading to its abandonment by the stewards of the JRC.
SVREL explained that the recent amendments to Rule 44(iii), which came into effect from April 1, 2024, mandate strict adherence to race start times with a maximum allowance of five minutes after the published post time. SVREL noted that Jamaica is unique in enforcing such a rule without prior consultation with the sole promoter of horseracing in Jamaica.
The enforcement of this rule has led to financial losses for industry stakeholders, including owners, trainers, jockeys, grooms, punters, and the promoter and as such the disruption caused by the abandonment of these races understandably resulted in unrest among stakeholder groups.
Despite the challenges faced, the race meet resumed with race number seven at approximately 4:00 pm, SVREL noted.
SVREL has now issued a sincere apology to valued customers and stakeholders for the inconvenience caused by the abandonment of races one and six by the JRC. SVREL also emphasized its readiness for open dialogue with the JRC and all impacted stakeholders to ensure the continued success and integrity of the horseracing industry.
As the sole promoter of horseracing in Jamaica, SVREL said it remains committed to addressing challenges collaboratively and upholding the highest standards of professionalism and service within the industry.
Light seeking to shine again at Sandown
Kitty’s Light is taking aim at his usual season finisher in the bet365 Gold Cup at Sandown.
The gelding has been a star for trainer Christian Williams, winning big handicap events like the Eider Chase and the Scottish Grand National and going close in the Charlie Hall and the Coral Trophy.
He has particularly good record in the bet365 Gold Cup on the final day of the season, missing out only due to interference when second in 2021 and coming home third in 2022.
Last year he was completed the set of podium finishes when winning by two and a half lengths under usual jockey Jack Tudor.
The two are well acquainted and teamed up for Kitty’s Light’s Grand National bid at Aintree earlier in the month, where he ran a valiant race to finish fifth behind four Grade-One winning Irish chasers.
Williams was incredibly proud of his stable star and is now hoping the gelding can shine again in the Sandown contest he has found to be lucrative in the past.
“It was wonderful, we trained him to win the race and we thought he could, but you couldn’t be disappointed with what he did,” Williams said of the National performance.
“We were thrilled, the horse tried his best and we were very, very proud of horse and jockey.
“He’s come out of it very well, if the race was run today even then he’d be running, he’s in good form.
“He loves it at Sandown with the big fences, his jumping has come on now but even as a five-year-old he nearly won the race.
“He was third the year after that, it really seems to suit him.
“I think he likes going right-handed, he hangs a little bit right at home and he seems to really enjoy it there.
“We’re taking our chance anyway, he seems well and we’ll hope for the best.”
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