Trainers’ association head reacts to prize-money cut with “We’re extremely disappointed” – Racing Post

Falling attendance figures at last month’s Cheltenham Festival and the continued impact of affordability checks have affected the group’s revenues. Consequently, the decision has been made to reduce prize-money by approximately £1.5 million from May until the end of the year. “We’re extremely disappointed to see that the Jockey Club has reduced its prize-money for 2024 from the initially planned levels,” expressed NTF chief executive Paul Johnson.

“While we fully understand the financial implications of the issues the Jockey Club has detailed, prize-money is the lifeblood of the sport and reductions have direct implications for the sustainability of businesses within it.” Johnson highlighted the importance of addressing the industry strategy to improve the sport’s fortunes quickly. There is promising work being undertaken around the targeted engagement of different consumer groups and growing racehorse ownership.

However, he emphasized that significant investment is needed to initiate change, acknowledging the challenge of turning the situation around. The NTF continues to collaborate with the Thoroughbred Group and racecourses to achieve progress, despite the setbacks in prize-money. In January, the Jockey Club announced a record executive contribution of £31.8m to prize-money in 2024, resulting in a total of £60.1m.

However, the executive contribution will now decrease by around £750,000 to £31.1m, with overall prize-money dropping to £58.6m due to consequent reductions in levy funding and entry fees.