RaceCafe..#1...Tipsters Thread.... Share Your Fancies For Fun...Lets See Who The Best Tipsters Here Are.
Berri

A question for all

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We've been reviewing the Racing Act and came across thing little pearl which someone may have an answer for....

"(4)

If, for any racing year, the total of the amounts paid to a racing code under subsection (1) exceeds the amount due to the code under section 16(3), the amount of the difference is a debt due from the code to the Board, and the Board may—

(a)

require the code to repay the debt; or

(b)

recover the debt by deducting it from the amounts payable to the code under subsections (1) and (2) for any subsequent racing year."

So to give a small amount of background, the Act says that the codes shall receive a proportion of the surplus that the RIB determines is their share, which should be commensurate to the proportion of turnover that the codes produce.

So here's my question...if thoroughbred racing was given an extra $20m to make sure of the so called minimum racing stakes ($15k per race from memory), was this a debt accrued by thoroughbred racing that it will have to pay back at a later date?

 

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Guest 2Admin2

Yep that's how I read the clauses.  Which means the NZRB are not bankrupting themselves but the codes.

So unless turnover improves they might have to drop minimums back to less than $5k.

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