Racing: $24m funding boost could help Ruakaka

New funding could help increase participation at Ruakaka Raceway. Photo/Michael Cunningham

New Zealand Racing Board has increased its funding by $24 million, which could spell good news for the Northland racing community.

The funding boost is to go towards increasing stakes and enhancing participation and investment in the racing industry.

Whangarei Racing Club General Manager Bill Colgan said this could be a good thing for Ruakaka, but it was a waiting game for now.

"The club is very pleased that the owners, breeders, trainers and riders will all potentially benefit from the significant increase in total prizemoney for the thoroughbred racing code," he said.

"Stake money is the core income for these participants, consequently, it is a major driver of their level of investment and commitment to the sport. Rising stake money will encourage their continued engagement, and hopefully attract more participants or greater involvement from those already engaged in the industry.

"Like all racing clubs, the Ruakaka race meetings has more chance to attract better race fields the greater the level of the participation and number of horses racing. The direct benefit for the Whangarei Racing Club will be dependent upon the allocation to the various race meetings by the thoroughbred code governing body, NZTR."

The extra funding has boosted the minimum stakes for races from $7000 to $10,000. This means all competitors will be in line for more prizemoney.

Colgan said that was a real plus coming from the announcement.

"This increase will be effective from our first winter meeting on May 17 and be applicable to all NZ thoroughbred midweek meetings. This increase is applicable to the maiden and lower restricted class races; and that will bring benefit to all participants," he said.

"The club looks forward to the stimulation and optimism that this significant rise in stake money will generate within the NZ thoroughbred sport and is confident that the number of horses raced by owners in Northland will increase."

Meanwhile New Zealand Thoroughbred Racing (NZTR) is confident the announcement will be welcome news for the industry.

Chairman Alan Jackson was optimistic about the benefits from the funding.

"The industry has been anxiously waiting for this news. It will be the shot in the arm we need to encourage investment and participation in our sport," he said.

The funding announced last night will be a topper for the thoroughbred code's share of the $4.7 million announcement in January to support stakes, infrastructure and youth development over the next two and a half seasons.