Stakes subs raised

Press, 2 June 1982, Page 31

Stakes subs raised

Stakes subsidy payments to racing and trotting clubs will be boosted by an additional 5600,000 next season. The announcement that the increased stakes subsidy payments were to take effect from August 1 this year was made by the chairman of the New Zealand Racing Authority, Mr J. A. L. Bennett, early this week. Mr Bennett explained that the additional three-quarter per cent levy on off-course turnover allocated to the stakes subsidy account by the Racing Amendment Act in November, 1980, together with the increased growth of off-course turnover during the latter part of this season had resulted in an increase in the funds the Authority has available for disbursement to racing and trotting clubs. The extra amount available to racing is $400,000 and to trotting $200,000. This will raise the total amount for disbursement to racing clubs next season to $3,000,000 and will’ increase the total

amount payable to trotting clubs to $1,400,000. The major increases in subsidy to racing clubs approved by the authority are: @ The level of basic subsidies on flat races are increased from $6OO to $7OO. ® The level of basic jumping subsidies are increased from $l2OO to $l4OO. This provision will not take effect until the start of the 1983 jumping season.

© A subsidy of $450 will be paid on class two races when certain conditions are met. ® Subsidies will now be paid on all group races. Group _weight-for-age events will receive a subsidy equal to 50 per cent of the club’s contribution to the stake of the race. © All other group races will receive a subsudy of 20 per cent of the clubs contribution of the race up to a maximum subsudy of $lO,OOO. @ The maximum sponsorship grant payable to any club is increased from $15,000 to $20,000. The major increases in subsidy to trotting clubs approved by the authority are: © The basic subsidies on CO to C 3 events increased from $6OO to $650. ® The subsidies for semiclassic races raced at venues other than Addington and Alexandra Park are increased from $5OO to $650. © The subsidies for semiclassic ' races at Addington and Alexandra Park are increased from $250 to $5OO. © A further $15,000 is allocated to the stakes reserve fund for the Inter-Dominion Championships, bringing this reserve to $60,000. This money will be used at the 1983 Inter-Dominion at Alexandra Park.