Edited Press Release
New York State Thoroughbred Breeding & Development Fund Chairman John D. Sabini and Executive Director Tracy Egan announced on Thursday that the Fund will provide $820,000 in purse enrichment money to the Finger Lakes Racetrack and the New York Racing Association (NYRA).
As dictated by statute, Finger Lakes will receive 60 percent of the enrichment money, totaling $492,000. NYRA, which operates tracks at Saratoga, Belmont and Aqueduct, will receive 40 percent, totaling $328,000. The enrichment money, which will increase the purses at the respective tracks and attract larger fields and handle for race days, was approved by the Thoroughbred Breeding & Development Fund’s board at its meeting in Saratoga Springs on Thursday.
“This contribution is a positive sign for New York’s thoroughbred racing industry,” said Chairman Sabini. “Our state’s race tracks are world-renowned and should continue to attract world-renowned participants. This enrichment gives these facilities a much-needed boost to enhance the sport and the betting public’s experience in New York state.”
“The Thoroughbred Breeding & Development Fund’s action demonstrates a commitment to elevating New York’s thoroughbred racing stature,” said Executive Director Egan. “We will continue to provide the tools and funds for our partners in the industry for it to thrive well into the future.”
Funding for the purse enrichment became available as a result of a revision to the Fund’s 2011 budget, based on increased revenues from NYRA and lower payouts for Breeder and Stallion Awards than anticipated.
The Thoroughbred Breeding and Development Fund, established in 1973, is the regulatory body of New York’s Breeding and Racing Program, distributing more than $40 million per year in incentives, breeder, stallion and owner awards and purse money for New York-bred horses. The Fund is financed from within the industry, including a small percentage of total monies wagered through the pari-mutuel system on thoroughbred racing in New York. The Fund also receives revenue from a small percentage of VLT monies at Finger Lakes Race Track and, in the future, Aqueduct. More information is available at www.nybreds.com.
