Jockey Club promises to increase prize fund after operating profit increase
The Jockey Club said it will increase prize money after posting a £900K rise in operating profit for 2011, to £19.2m. Turnover for the year increased by £1.4m, to £139.4m, while the body paid out £16.4m in prize money during the period.
The Jockey Club chief executive Simon Bazalgette said: "British racing is on the up and I'm very pleased the Jockey Club continues to be our sport's commercial powerhouse, working hard to generate increased profits so we can put more back in.
"The growth in interest in British racing is reflected in our group business performance. By working hard to meet and exceed our targets in 2011, we were able to afford to contribute more than ever to British racing in the form of prize money, despite the challenging economic environment around us.
"British racing is still significantly underfunded. We need the Government to press on with a legislative framework that allows racing to receive a fair commercial return from the betting industry.
"While this is being worked through, we will see little benefit in the next couple of years, so it is more important than ever for the Jockey Club to perform well for the good of British racing, in order to invest the maximum possible into our sport."
The Jockey Club, founded in 1750, is the largest commercial group in British racing and owner of Cheltenham, Aintree, Epsom and Newmarket.