News

Funding Row Threatens Championships

Posted on May 20th, 2014 by Red Belly Sports

Sydney racing’s showpiece ‘The Championships’ is under serious threat, after New South Wales Premier Mike Baird refused to provide another $10 million grant to help fund the rich two-week series.

 

Instead, the Baird government has offered Racing NSW $10 million loans over the next four years, but this offer has been rejected.

 

“We don’t want a loan,’’ Racing NSW chief executive Peter V’landys told News Corp.

 

“We just want an end to the government taking an unfair share of revenue from racing.’’

 

More than $18 million in prizemoney was on offer in the first  year of The Championships.

 

The $10 million government grant was crucial in ensuring the prizemoney levels were so high for the two-week event.

 

That money was given to Racing NSW on a one-off basis, and the Baird government appears unwilling to pour any funding into the event yearly.

 

The funding impasse puts Racing NSW on the back foot in trying to attract overseas horses for next year’s event, along with establishing a new quarantine facility and promote the event locally and internationally.