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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

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