Thirsk chief issues warning over prize-money as new Hunt Cup deal is signed

While announcing a deal to increase funding for its feature race, Thirsk has warned that racecourses face a step into the unknown as they plan prize-money levels in 2019.

The Thirsk Hunt Cup will be maintained at £40,000 this year, rising to £50,000 in 2021, thanks to the backing of local businessman Paul Sutherland.

But budgeting for the rest of the track's programme is fraught with problems, thanks to the expected decline in media rights income as betting shops close in reaction to FOBTs restrictions.

Chief executive James Sanderson said: "A lot of us are going to be in a holding pattern this year as there is a moving target – nobody knows how hard and how fast the effect of the FOBT legislation that comes in on April 1 is going to hit us. It depends entirely on how many betting shops close and how soon.

"The high street has caught a cold anyway but bookmakers will get a bad one thanks to FOBTs. At the moment there are around 9,300 shops in the UK and Ireland and that is expected to fall to around 7,000, possibly below. The reality is a lot of those are predicated on FOBTs and if they are not economic they will close."

Arena Racing Company has already reacted by cutting prize-money by £3 million, an announcement that led to the boycott of meetings on Arc tracks earlier this month.

Sanderson added: "Nobody knows how this is going to play out. We don’t know if it will hit at the beginning of the year, the middle, the end or next year. We have just a five-month programme from April to September and we act as though it is business as normal until we know what the figures are.

"We are sailing into a headwind and we all need to grow other income streams.

"We will aim to hold our prize-money as much as we can in 2019 and we made a pledge to the ROA that we will put 33 per cent of our media income into prize-money and we will continue to honour that agreement – but nobody knows whether it will be 33 per cent of £1m or £500,000."

Which is why Sanderson is delighted Sutherland has signed up to back the Hunt Cup in the name of nearby Cliff Stud, which he acquired in 2017.

The race, which dates back to 1859, was formerly backed by the Tote and Sanderson said: "When they pulled out of sponsorship we thought it would be tough to keep the race's value up but Paul leapt at the chance.

"This deal will ensure the Cliff Stud Thirsk Hunt Cup meeting will continue to be one of the most popular race days in the region and what is good for the course is also good for the local economy, as we attract over 55,000 visitors a year."

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