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MELBOURNE - Minimum prizemoney for Victoria Racing Club (VRC) meetings will be increased by $A5000 ($5600) from February 1, chief executive Dale Monteith announced yesterday.
The club is to be allocated an additional A$514,000 in Tabcorp joint venture distributions for the 2006-07 racing season as from February 1 as a direct result of growth in wagering up until and including the 2006 spring racing carnival in Victoria.
"VRC directors have agreed that all of this additional funding from wagering distributions is to be passed on directly to racing participants at VRC race meetings," Monteith said.
"Minimum prizemoney for the club's Saturday and public holiday meetings will be set at A$75,000, while midweek races will carry at least A$30,000.
"In the autumn of 2007, the value of four Listed races will be increased by A$25,000 to A$125,000 while both the Andrew Ramsden Stakes and the VRC-CRV Screens Australasia Winter Championship will be run for A$200,000, both up A$50,000.
"The VRC believes that the challenge for all race clubs is to fully distribute, as prizemoney, the allocations from the joint venture with Tabcorp.
"Also, the VRC, under the new distribution scheme agreed to in 2005, is pleased to be able to fully support the diversion of funds from metropolitan clubs to country racing, which will enable a 6.7 per cent increase in prizemoney funding."
- AAP
