Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


NZRB Invests $3.5m To Drive Industry Participation

July 6 2005

NZRB Invests $3.5m To Drive Industry Participation

The New Zealand Racing Board has committed to invest $3.5M in two initiatives aimed at increasing participation in the industry.

A ‘Sponsorship Initiative’ will run to $2M for one-year providing seed capital to bring new sponsorship into the industry at racing club level.

“Our objective is to bring sponsors into the industry on medium term commitments,” Chairman Warren Larsen said. “One of the opportunities we see with this initiative is for The Racing Board’s funding to support the first year of sponsors’ commitment. This structure will provide some longevity for the clubs that will go beyond the one year Racing Board commitment.” The funds will be made available in the new season.

The Racing Board is working with the three racing codes to iron out the initiative details, including the financial structure, the approval process and each participants’ responsibilities.

“We are currently in the process of employing a sponsorship manager who will manage the initiatives while also working with the codes and racing clubs to deliver a more consistent offering to industry sponsors in a co-ordinated fashion,” Mr Larsen said.

The ‘Starters Incentive’, a separate incentive for thoroughbred owners announced in April, has now been further developed and will see the Board invest $1.5M over two years. This incentive aims to provide financial support to owners whose runners finish outside the money in maiden races. A fee of approximately $100 will be available in the 2005/06 and 2006/07 seasons.

“These Initiatives are designed to further stimulate participation in the industry and to encourage growth”, Mr Larsen said.

The Board continues to assist the Government with the analysis of the tax submission delivered at the start of the year.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news