A $10 MILLION hole in the prizemoney budget for 2009-10 has to be filled by the end of the financial year, the new Racing NSW board says, reports the Sydney Morning Herald.It says: As revealed in the Herald yesterday, prizemoney around the state is under threat because of funding shortfalls through TAB distribution, which provides 70 per cent of the sport's income.No sector within racing will be spared the sword but country racing is likely to be hardest hit by the black hole in funding that is
A $10 MILLION hole in the prizemoney budget for 2009-10 has to be filled by the end of the financial year, the new Racing NSW board says, reports the Sydney Morning Herald.
It says: As revealed in the Herald yesterday, prizemoney around the state is under threat because of funding shortfalls through TAB distribution, which provides 70 per cent of the sport's income.
No sector within racing will be spared the sword but country racing is likely to be hardest hit by the black hole in funding that is threatening to severely damage the industry.
Racing NSW chief executive Peter V'Landys said yesterday the board had met on Monday and had given itself a July 1 deadline to find measures to sustain prizemoney levels.
"The board is in daily contact about the situation and is on call to come in at any time if a solution can be found," V'Landys said. "They will meet a number of times in next month.
"For three years, Racing NSW has been highlighting the leakage of wagering revenue out of NSW [to corporate bookmakers] and finally it is going to bite us."