Horse Racing

The UK’s Jockey Club is set to increase its wallet for 2023


Horse Racing Club of Great Britain will increase the prize money by £1 million for 2023, but was forced to provide a record contribution due to an “extremely difficult” financial year.

An executive contribution of £31.1m will bring the total to £59m next year across the racecourse group’s 15 tracks, which include Cheltenham, Aintree, Newmarket and Epsom. Total prize money is set to a new high and is just up by almost £6 million from pre-pandemic levels.

However, Jockey Club chief executive Nevin Truesdale acknowledged the increase in contributions comes after a tough year financially, with declining racecourse attendance and soaring energy prices having hit the business. collect.

The Jockey Club’s contribution will grow to £2.7m from 2022 and nearly double the amount given ten years ago. It is described as “necessary” to ensure bonus growth.

Truesdale said: “Getting past this £30m barrier for the first time is an important milestone we’ve been striving to achieve and a testament to the hard work and dedication of Jockey Club teams across the country. country.

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“While it’s hard to beat the odds in light of factors such as rising energy prices and the cost of living crisis, both of which continue to affect the UK race and our own finances, increasing our contribution to these record levels is essential to a slight increase in the overall bounty compared to 2022.”

Other pressures could arise from the upcoming release of the government’s gambling white paper, with the expectation that the proposed affordability tests could affect the sport’s finances up up to 100 million pounds. The Racing Post revealed last week that the affordability check had resulted in a £40m hit to the sport’s finances.

Truesdale added: “While we continue to show an ongoing commitment and investment in prize money at all levels of the sport, I have no doubt that horse racing will continue to face significant financial challenges in 2023.

“England racing is facing many of the same financial difficulties, these headwinds continue to affect homes, businesses and other industries and that makes it difficult to generate revenue to reinvest. Returning to our own sport is an incredibly challenging challenge, but we will continue to do everything we can to drive engagement and grow our fan base. and increase attendance for the benefit of the entire horse race in return for future bonuses.”

The bonus increase announced on December 19 is slated for the new year, but is also subject to a waiver and significant economic change.

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