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UK Announces Landmark Prize Money Deals
Ascot, Newmarket and York feature on a list of 27 tracks to sign up to new agreements committing an agreed proportion of their income to prize money, reports racinguk.com. Should all UK racetracks sign up, the Horsemen's Group and the British Horseracing Authority (BHA) anticipates an increase of approximately £5 million in prize money contributions in 2014. The signing of the agreements changes a racecourse's own contribution to prize money from a discretionary payment structure to a contractually binding minimum commitment. "These are landmark agreements for the sport and we view their introduction as a welcome first step towards delivering improved returns for horsemen," explained Philip Freedman, chairman of the Horsemen's Group. "Until now a racecourse's contribution to prize money has been totally discretionary…it has been left to them to decide how much should be passed on to the participants."