Meadowlands cancels Governor's Cup, Three Diamonds
February 05, 2019
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As the purse subsidy bill (Senate Bill 2992) awaits the signature of Governor Murphy, the Meadowlands is finalizing live racing and stakes purse details for this season.
Although it is clear in the language of the bill that the subsidy money is to be used for overnight races, a number of breeders who have previously helped to fund Meadowlands Grand Circuit races over the past few seasons via sponsorships have declined to continue their contributions for 2019, creating a shortfall in the stakes account.
As a result of this shortfall the Governor's Cup 2 year-old colt pace and Three Diamonds 2 year-old filly pace will have to be canceled for 2019 without the sponsor contributions.
"The breeders had another record breaking year at the sales and seem to think that the pressure is now off at The Meadowlands with the purse subsidy, but it's far from off," said Meadowlands CEO Jeff Gural. "I am adding a minimum of $1 million from sports betting to the $6 million subsidy for overnight purses. The language is clear that the subsidy is not for use in our Grand Circuit stakes, so nothing has changed so far as funding those. If we get sufficient sponsors for these races we can reinstate them, if not they will be canceled for 2019."
It's important to realize that while the bill passed contains language to continue the $20 million in total to the horse racing industry for five years with $6 million directed to Meadowlands purses, it also requires the track to demonstrate that the funds are in fact improving the racing industry in New Jersey.
The parameters set out by legislators include impact on handle, the number of horses in races, the success of the New Jersey bred horse in their home state and increased attendance and revenue at the tracks.
The overnight purses will be increased immediately after the bill is signed. Another increase will come in late March or early April, when the competition for horses increases. (Meadowlands)