Jockey Club To Offer Record Prize Money in 2014

British horseracing commercial group, The Jockey Club, have announced today plans  to make a record £19.5 million contribution to prize money in 2014.

This beats the previous mark by more than £1 million its own previous record high of £18.4m.

Since 2009, The Jockey Club has increased its annual contribution to prize money by £7.1m as a result of its commercial success. 

The Jockey Club’s 15 racecourses nationwide – which include Aintree, Cheltenham, Epsom Downs and Newmarket’s Rowley Mile and July Course, as well as smaller courses such as Carlisle, Exeter, Market Rasen and Wincanton – expect to offer record total prize money in excess of £42 million in 2014 from 364 scheduled fixtures. This equates to record average prize money per fixture of £118,000 and per race of £17,000 next year. 

Based on its 2014 plans, the UK’s largest racecourse group will have increased its contribution to prize money by 57% since 2009. At that time its contribution was a then industry-leading £12.4 million, which equated to Jockey Club Racecourses resourcing 30% of the total prize money distributed at its courses, while industry funding accounted for 51% of the total.

By contrast, 2014 reinforces the changes to the funding dynamics of British racing, with Jockey Club Racecourses intending to contribute from its own resources 46% of the record total £42.8 million prize money it expects to distribute in 2014. Industry funding of £15.9 million is slated to make up 37% of the total in 2014, highlighting how the group has rapidly and successfully grown its business in challenging economic conditions to put record amounts of investment back into the sport.  

Simon Bazalgette, Group Chief Executive, The Jockey Club, said: “Prize money is the lifeblood of British racing, providing a return for racehorse owners and supporting trainers, jockeys and stable staff. It is an important measure of the health of our sport. As a result of the continued growth of our business, I’m delighted to announce plans for The Jockey Club to contribute more than ever before into prize money in 2014, with our year-on-year increase once again far outstripping improvements in the wider economy. 

“At the same time we have been raising capital to invest in projects designed to enhance the customer experience we offer and increase our returns. In particular at Cheltenham we have our biggest ever facilities development, which will cost £45m to be ready ahead of the 2016 Festival. The demands on our Group remain significant and our sport’s funding model still requires major works, but without shareholders The Jockey Club’s sole reason for existence is to support British racing, meaning the more successful we can be commercially, the more we can do for our sport.” 

Paul Fisher, Group Managing Director, Jockey Club Racecourses, said: “Every time someone spends money to go racing with Jockey Club Racecourses they help to support British racing given we put our profits back into the sport. 

“The evidence shows our prize money contributions are paying dividends. The economic downturn significantly reduced the size of the horse population and that wasn’t something within the power of British to avoid.

“However, industry data shows our field sizes have been outperforming the wider sport, which we are linking to our industry-leading investment in prize money and turf surfaces, as well as ensuring the right opportunities to race are available at our courses. As well as boosting prize money across the board, it is also worth noting we have invested carefully in upgrading our race programme so that the average race class at Jockey Club Racecourses today is 3.9 compared to 4.1 in 2011.”