THE prizemoney crisis within racing is set to come to a head this week with the five provincial clubs facing a multimillion-dollar hole in their revenues for the next financial year, reports the Sydney Morning Herald.It adds: The traditional funding model of racing from the TAB is under siege, with race clubs around the state bracing for an unprecedented cut in prizemoney. The Racing NSW board met yesterday and is pinning its hopes on the State Government's race-field legislation, which has alre
THE prizemoney crisis within racing is set to come to a head this week with the five provincial clubs facing a multimillion-dollar hole in their revenues for the next financial year, reports the Sydney Morning Herald.
It adds: The traditional funding model of racing from the TAB is under siege, with race clubs around the state bracing for an unprecedented cut in prizemoney. The Racing NSW board met yesterday and is pinning its hopes on the State Government's race-field legislation, which has already netted more than $20 million from corporate bookmakers. However, Racing NSW is loath to distribute those funds while the legislation faces legal challenges, as it might have to repay the money with interest should it lose in court.
AJC acting chief executive Darren Pearce yesterday confirmed racing's income was under pressure. "We are working with Racing NSW, and I believe the industry has to stick together on this to get the best possible outcome," Pearce said. The TAB distribution has failed to grow as predicted for the past couple of years, while corporate turnover is expected to smash through the $4 billion barrier.