Racing: Queensland stakes to rise

RQ is yet to decide how the money will be distributed among the three racing codes. Photo / Thinkstock
RQ is yet to decide how the money will be distributed among the three racing codes. Photo / Thinkstock

Racing Queensland officials will begin discussions this week to determine the distribution of funds to come from the new A$4.5 billion wagering deal.

RQ and Tatts Group announced an exclusive 30-year deal on Friday which it is hoped will put the industry in Queensland on a competitive basis with NSW and Victoria.

There are many components to the deal which will in effect mean a minimum extra A$28.3 million a year for the industry.

However, RQ is yet to decide how the money will be distributed among the three racing codes.

RQ's chief executive, Darren Condon, said it was important that everyone knew exactly what was available and then submissions could be taken from various groups.

"The first thing we must do is let the boards of each code, gallops, harness racing and greyhounds, examine the deal and sign off on it," Condon said.

"We can then get down to the initial business of who gets what and where it goes."

He confirmed the issue of across the board prize money increases was high on the list. The allocation of A$97 million for infrastructure would also be a major topic.

Condon said it was hoped an announcement regarding increased prize money could be made within six weeks and possibly even for the start of the new thoroughbred racing season on August 1.

- AAP

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