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Wednesday, July 16, 2014

Money Earmarked For Drug Research Sent to Lost Churchill Downs Purses

Gregory Hall in the Louisville Courier Journal wrote today that $125,000 of the $1 million from The Kentucky Thoroughbred Development Fund was allocated to Churchill Downs for purses in 2014.

"The $1 million was taken from a separate racing commission fund that pays for equine drug research," he wrote.

This, according to the article, was needed to be added to purses, because Churchill Downs had a purse shortfall for its spring meet after a massive handle reduction.

In April, Churchill Downs raised the takeout, and said that the increased revenue from the takeout hike would increase purses by $8 million.


This is what takeout hikes tend to do. Not only does the hike not raise purses by an amount like 8 million dollars, it ends up having a track, or horsemen group divert funds from equine drug research when purses fall.

Takeout hikes are never the answer to racing's revenue problem, and never will be the answer to racing's revenue problems. They only make things worse.

1 comment:

Anonymous said...

"Takeout hikes are never the answer to racing's revenue problem, and never will be the answer to racing's revenue problems. They only make things worse." - The above quoted text needs to be stamped in big bold lettering immediately above the signature lines on application forms for Owner and Trainer licenses in EVERY racing jurisdiction in the land.