Prize money for Sydney’s signature autumn races has been halved in response to racing’s reduced income stream during the coronavirus crisis.
Racing is scheduled to go ahead subject to government regulations on April 4 and 11 with eight Group One races programmed for the two days of The Championships at Randwick
The Australian Turf Club and Racing NSW have agreed to reduce prize money because of the challenges presented by a drop in wagering which will be significantly reduced by the current lockdowns of pubs, clubs and TAB agencies.
Other sources of funding for prize money, on-course attendances and sponsorship, have also been severely impacted given the public is not allowed to attend race meetings.
Racing NSW has a Future Fund to enable the NSW Racing Industry to continue in the face of such challenges but says it is important to maintain those cash reserves for as long as possible given the uncertainty of the situation.
Prize money cuts:
- Doncaster Mile: $3 million down to $1.5 million
- TJ Smith: $2.5m to $1.25m
- Australian Derby: $2m to $1m
- Inglis Sires: $1m to $500,000
- Country Championships Final: $500,000 to $400,000
- Queen Elizabeth: $4m to $2m
- Sydney Cup: $2m to $1m
- Australian Oaks: $1m to $500,000
- Coolmore Legacy: $1m to $500,000
- Arrowfield Sprint: $1m to $500,000
- Percy Sykes: $1m to $500,000
- Provincial Championships: $500,000 to $400,000
Other Group and Listed races over the two days retain their advertised prize money.