Day At The Track

NZRB announces additional funding for industry

09:10 AM 23 Jan 2017 NZDT
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The New Zealand Racing Board (NZRB) has announced it will provide an additional $4.77 million in funding over the next two and a half years to support the racing industry to improve stakes, address aging infrastructure and encourage the entry of young people to racing.

CEO John Allen says the NZRB Pilot Enhancement funds have come as a result of overwhelming feedback from the industry.

"Last year I undertook a series of conversations around the country speaking to those at the coal face of the New Zealand racing industry and hearing their concerns.

"I received a very clear message that this is an industry under significant pressure; many people are struggling and the industry requires increased financial support now, which is why we have created these enhancement funds to help address these issues," says Allen.

More than $2.8 million will be made available to tactically boost stakes, with the aim being to provide greater return to owners, trainers, jockeys and drivers, in turn attracting higher quality racing and improving the overall race experience for industry people and punters alike.

The Youth Development fund will aim to help build the next generation of racing by applying more than $645,000 to encouraging the development of career paths into and through the industry.

The Infrastructure enhancement fund will help address aging infrastructure of racetracks to improve safety, reliability and the oncourse experience, with more than $1.29 million available across the industry over the current, 2017/18 and 2018/19 seasons.

"The allocation of funding will be made in collaboration with all three racing codes to ensure they are in line with their individual strategic planning," says Allen.

While NZRB has identified a number of key initiatives which, once full delivered will provide an estimated $50-55 million in annualised Net Profit per year to racing through increased distributions, Allen says he recognises that many in the industry need help right now.

"While these investments aren't a silver bullet, they are an important short term measure to provide the industry with some breathing space until the benefits of the key initiatives are realised. It is also a clear signal to the industry that NZRB will support the long-term growth of racing in New Zealand," says Allen.

These initiatives will be funded by Class 4 Gaming proceeds so do not impact NZRB's distributable betting profit to the racing industry.

The following table outlines NZRB's investment over the remainder of the current season and the across the next two seasons:

 

Funding

 

Stakes Enhancement

2017 (21 Jan - 31 Jul)     $641,000

2017/18     $1,100,000

2018/19     $1,100,000

Total     $2,841,000

 

Youth

2017 (21 Jan - 31 Jul)     $145,000

2017/18     $250,000

2018/19     $250,000

Total      $645,000

 

Infrastructure

2017 (21 Jan - 31 Jul)$290,000

2017/18     $500,000

2018/19     $500,000

Total      $1,290,000

 

Total per year

2017 (21 Jan - 31 Jul)   $1,076,000

2017/18     $1,850,000

2018/19     $1,850,000

Total funding $4,776,000

 

Kate Gourdie

Manager, Media and Corporate Communications
New Zealand Racing Board
 

 
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