Statement from HRNZ - Funding Update
STATEMENT FROM HRNZ - Funding Update
Following the TAB's recent decision to reduce funding to all three racing codes, the Harness Racing New Zealand Board has today decided its response to the proposed shortfall.
Due to trading difficulties, the TAB will reduce funding for the remainder of the current season by a total of $15m, with harness racing being impacted to the tune of $4.4m.
The HRNZ Board met this morning to discuss potential options to manage the reduction in funding.
It has decided on a three-point plan:
1. HRNZ will use $2.1m of its reserves to make up the shortfall.
2. HRNZ will reduce its spending by approximately 10 per cent or $420,000 between now and July 31 by deferring non-urgent projects.
3. HRNZ will reduce funding for stakes by 10 per cent from 1 February 2023 through to 31 July 2023. All meetings, including Premier / Group race meetings, will be affected. Clubs can decide the best way of managing this reduction in funding for stakes.
In addition, three Wednesday meetings at Addington during May 2023 will now not be held.
There will not be any reduction in allowances paid to Clubs for their meetings, venues, or tracks.