Queensland Racing initiative to improve industry cash flow
Racenet
Tuesday, 10 February 2009
In an effort to assist owners, trainers and jockeys during the current economic downturn, Queensland Racing Limited (QRL) has taken the decision to pay all prizemoney for swabbed horses in races of $50,000 and below.
Previously the owner’s percentage of the prizemoney for swabbed horses was held until a swab clearance was received, in the majority of cases a three to four week period.
QRL chairman Mr Bob Bentley said, “I have been contacted by a considerable number of stakeholders who have been affected by the current economic downturn and the main area of concern related to access to prizemoney for swabbed horses.
“This decision will inject on average $750,000 a week into the accounts of winning connections, which will provide some immediate relief during these difficult times.
“In addition to providing direct relief to owners, it is hoped that this decision will also assist trainers with their cash flow through the easier collection of monthly training fees.”
QRL had previously implemented a $30,000 threshold for the payment of winning prizemoney to trainers and jockeys and this will also be increased to include races up to $50,000.
This initiative will be implemented for the next payment batch which will be processed on Thursday, February 12, 2009.
Additionally, all currently held swabbed prizemoney falling within the above categories will also be released on this date.
Courtesy of racenet
