According to a report by the Sydney Morning Herald, the Australian Jockey Club has slashed just under $4 million in purse money from its feature races in the coming
year.
The cuts, $3.96 million to be exact, are due to the tough time that the New South Wales racing industry is currently facing. Nineteen employees have been let go over the course of the last year and the Sydney Morning Herald article also states that $8.5 million has been slashed from the latest budget.
"There were two alternatives," AJC chairman Ron Finemore was quoted as saying. "One was to increase revenue by increasing track fees by 500 per cent, or reducing prize money. Reducing prize money affected fewer numbers."
Click here to the read the article in its entirety.
(With files from the Sydney Morning Herald)