News Article

The missing facts on new code funding model

28 / 03 / 2011 Article by: Editor
Tasracing Board Chairman Brian Speers
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THE chairman of the Tasracing board Brian Speers dispatched a response to recent media reports pertaining to the new funding model for Tasmania’s racing industry.

Mr Speers’ response contains important factual information relating to the changes that will be imposed from July 1, 2011.

“In recent media reports regarding the reallocation of funding as outlined in the new Tasmanian racing industry code model, some important information has been excluded,” Mr Speers said.

“While it is true that the thoroughbred and harness code’s funding for 2011/12 will be reduced by 1.5% and 1.2% respectively, it is important to note that thoroughbreds will still receive $11.3 million for the financial year. The harness code’s allocation will be $5.8 million and the greyhound code will receive $4.4 million.”

“Furthermore it is not Tasracing’s intention to reduce the current allocation of prize money to all three codes nor cut back the existing number of race meetings”.

“The new model was developed after extensive analysis, including a review of interstate funding models, and reflects the widely accepted fact that there was not a sound rationale behind the allocations in the existing model.”

“While performance of each individual code was recognised as an important factor, other considerations including the relative cost for participants in each code, the economic benefit of each code and the attraction of the product to wagering customers were also taken into account.”

“In summary, we believe it is a fair and equitable model for all of industry that reflects each codes contribution,” he said.