It has just got harder for horse racing owners and trainers to keep their heads above water in tough times.
Thoroughbred Racing (NZTR) is reducing minimum prize money for selected races on premier and feature days from May 1 to July 31 to meet a funding shortfall from the New Zealand
Racing Board and an overspend on prize money in previous years.
Minimum prize money levels will be retained across 75 per cent of races in the three-month period, and there will be no change to group and listed races, jumps races or those held at industry meetings.
NZTR said prize money levels would return on August 1.
Long-time trainer Kevin Gray said the cuts were more bad news for the industry.
"It's been hard enough for a lot of trainers to keep going... and it just got harder.
"Our fees in the Central Districts are a lot cheaper than those further north, so imagine what's going to happen there."
He said studs would also take a hit. "There just won't be the money to send horses to stud," he said.
Wanganui trainer Wayne Marshment also fears a lot of owners will quit the industry because of the fall in stake money.
"I've got a 22-year-old called Townsville and he won an $8000 maiden race 18 years ago. Now we're running around for $5000 - makes you think, doesn't it?"
In December 2010, the Racing Board announced it would be reducing funding from previously advised levels by $5 million to $127.9 million. Thoroughbred Racing's share of this shortfall is $2.7 million.
In regard to inter-code funding distribution, Thoroughbred Racing will receive $958,000 less (-1.6 per cent) this season, compared to greyhound racing, which will receive $3.5 million more (+27.8 per cent).
Over the past four years, Thoroughbred Racing has paid $275.2 million (98.4 per cent) of the $279.8 million funding received from the Racing Board.
In doing so, it has used all of its financial reserves to support stakes in advance of anticipated wagering growth and it says it can no longer fund shortfalls from reserves.
