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Racing Victoria (RV) today announced that $5 million in additional funding will be distributed across the industry as a result of a successful Spring Racing Carnival.

The RV Board determined at its meeting yesterday that an additional $3 million would be added to the annual prizemoney pool rewarding owners, trainers and jockeys, while $2 million will be shared among Victoria’s three metropolitan clubs and Country Racing Victoria (CRV).

From 1 February 2017, minimum prizemoney for all 2YO and 3YO races and Open Handicaps at Saturday metropolitan meetings will increase to $100,000.

The increases mark stage one of an RV prizemoney review to determine the most appropriate future prizemoney increases to foster sustainability and encourage growth within the industry.

RV Chief Executive, Bernard Saundry, said, “We were really pleased with this year’s Spring Racing Carnival which saw increases in both wagering and attendances. As a result, we are in a position to reward a broad range of stakeholders for their valuable contributions.

“The increase in minimum Saturday metropolitan prizemoney to $100,000 for 2YO, 3YO and Open Handicaps ensures that owners and trainers are both rewarded for campaigning their horses in Melbourne and have confidence to invest at the upcoming yearling sales.

“This announcement marks the commencement of a strategic review into our prizemoney model which will continue through the first quarter of 2017 and ultimately inform our decisions on further prizemoney increases for the 2017-18 racing season.

“The prizemoney review, which will include consultation with stakeholder bodies, will aim to ensure that our model delivers returns to owners, trainers and jockeys in a sustainable manner that gives appropriate consideration to our obligations in administering the sport.”

A total of $1.5 million will be shared by the Victoria Racing Club, Melbourne Racing Club and Moonee Valley Racing Club with the split based on a percentage of metropolitan turnover in FY16, while $500,000 will be paid to CRV to assist in the funding of important capital projects.

“Our metropolitan and country clubs play a central role in ensuring the Spring Racing Carnival is a showpiece event for Australian sport. They can be proud of their efforts this year in driving positive results around turnover, attendance and community engagement and are to be commended on their event delivery and track preparation,” Saundry said.