Top trainers praise JCR prize-money boost

Leading trainers John Gosden and Paul Nicholls are among those to praise Jockey Club Racecourses for contributing £3.7million into prize money for the last four months of 2020.

Despite expected revenue losses of £75million because of the Covid-19 outbreak, the Jockey Club will help to ensure £13.5million in prize money is available to participants at their courses up to the end of the year, with the Horserace Betting Levy Board also augmenting industry funding.

A £3.7million executive contribution will ensure the majority of Jockey Club Racecourse's Class One to Class Three races are worth at least 80 per cent of their pre-pandemic value, and none less than 75 per cent.

JCR's 112 scheduled fixtures from September to December will reduce by less than £3million, compared with the £16.38million originally budgeted for this period.

As part of the announcement, JCR confirmed the Darley Dewhurst Stakes and the bet365 Fillies' Mile at Newmarket will both carry a total prize fund of £400,000, while the Betfair Sprint Cup at Haydock will be run for £225,000.

The minimum value for staging a Group One Flat race in Britain is £150,000 for three-year-olds and older, and £112,500 for juveniles.

Gosden said: "As in the vast majority of industries and their related businesses, Jockey Club Racecourses are obviously facing huge financial challenges, and we respect their openness and transparency.

"We welcome their executive contribution to prize money, which is leading by example."

Gosden's fellow Newmarket-based trainer William Haggas was similarly positive, saying: "There is no country in the world who has to rely more on people's attendance to help fund the sport than here in Britain.

"Jockey Club Racecourses' loss of revenue from racing behind closed doors has been a financial catastrophe. However, I am delighted they have seized the initiative to improve and increase their prize money for the rest of the year, which is greatly appreciated by participants, and I commend their efforts in achieving the best possible outcome for racing.

"It is hugely important to us all that we get back to normal as soon as possible, and in the meantime it is vital we continue to be diligent and concentrate on not spreading the risk of this disease."

From the late autumn the focus will, of course, switch to National Hunt racing.

JCR has confirmed the Betfair Chase at Haydock will be worth £160,000, while the Ladbrokes King George VI Chase at Kempton on Boxing Day will be run for £200,000. The minimum value for staging a Grade One Chase is £75,000.

Eleven-time champion jumps trainer Paul Nicholls said: "Despite the financial challenges faced by its racecourse businesses, The Jockey Club has continued to recognise the significance of prize money as an investment driver for owners - and in adding £3.7million from its own resources between September and December has made a significant contribution to the retention of owners and the livelihood of horsemen."

The Ditcheat trainer's great rival Nicky Henderson added: "Given the financial headwinds that racecourses are facing and the uncertain future in relation to the return of paying customers, The Jockey Club is to be complimented for its bold decision to invest substantially in prize money over the next four months."

Richard Norris, Group Racing Director for JCR, said: "Jockey Club Racecourses is committed to all levels of our sport. In recent years we have increased prize money at grassroots levels, for example, by 33 per cent - and in this funding crisis, we're pleased to see the Levy Board stepping up its support.

"Their focus on supporting the middle and lower tiers of British Racing is seeing minimum prize money values for those race classes return to their pre-pandemic thresholds, helped by our executive contributions and owners' entry stakes. We're grateful for the Levy Board's contribution and to all our sponsors for their continued support.

"It means JCR's executive contribution can make a considerable difference to the upper tiers of our sport, compared to what incentives would now be otherwise, ensuring the value of high-profile fixtures reflect the quality of the racehorses we want to attract to race and that fans want to watch and bet on.

"We always do the absolute maximum we can to fund prize money, and that's exactly what we're doing now with hugely reduced revenues not even allowing us to cover our costs at the moment. With the majority of our revenue streams at zero with no spectators, this is an incredibly challenging period financially for JCR, as we recognise it is across different sectors of society."