The luck of the Cheltenham Festival goes to the design of British racing bags
More bad news emerged for British racing on April 8 when it was revealed that the Jockey Club would be cutting its contribution to purses this year, with lower attendance at last month’s Cheltenham Festival and the continued effect of affordability checks affecting revenues.
Jockey Club chief executive Nevin Truesdale said the move, which will result in an overall relief of around £1. 5 million ($1. 9 million) in prize money from May until the end of the year, is symptomatic of “very, very significant monetary headwinds”. He confronts each other.
Among the consequences of this decision, the Jockey Club’s matches will lose their Premier status.
The move was met with frustration by the Thoroughbred Group, the organization representing owners, breeders, trainers, jockeys and staff employees, who said their own members faced wage pressures in their businesses that would not be helped by price cuts.
Jack Connor, head of racing and analysis at Thoroughbred Group, said: “The Thoroughbred Group is disappointed with the Jockey Club’s announcement on prize coins for 2024. While our members understand the challenging business environment, many of whom run their own businesses, you will no doubt be frustrated to see coin prizes shrink at a time when they are facing their own burdening pressures.
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“We look forward to starting to work with the industry to grow the game and put it on a richer trajectory. “
In January, the Jockey Club announced it would make a record £31. 8 million contribution to the prize pool this year, bringing the total total to £60. 1 million. This executive contribution will now minimise from around £750,000 to £31. 1 million, also the figure for 2023, and with consequent cuts in investment fees and access fees, the total prize pool will fall to £58. 6 million.
In a communication to stakeholders regarding the decision, the Jockey Club said it had “considered the importance of participants at all levels of the game in making those decisions and have revised our prize levels accordingly. “
Total attendance at the Cheltenham Festival in March, which is incredibly vital to the Jockey Club’s fiscal year, was 10,600 people.
Speaking as the Jockey Club prepares for this week’s Grand National assembly at Aintree, Truesdale told the Racing Post: “We still face very, very monetary headwinds, and that has continued into 2024. Obviously, we still have uncertainty about our online revenue. , and we can still see some of it come to fruition.
“We’re still particularly affected by the burden of life, and it’s no secret that Cheltenham is a major business driving force every year, as is Aintree.
“It’s also no secret that when we announced attendance at Cheltenham, they had dropped in the first 3 days. Not massively, I think another 12,000 people in the first 3 days, but it has a significant ripple effect. We can see a few other industry uncertainties as well.
The total cost of attending the festival, plus accommodation, was attributed to the decrease in the number of spectators. Truesdale added that the Jockey Club’s resolution on prize money is not only due to a disappointing Cheltenham, but that pressure on media rights and profits from online betting are also a component of the picture.