Orville Clarke, Freelance WriterTHE HORSE racing industry received a shot in the arm yesterday with the announcement of a $50 million addition to purses effective June 1.
This was disclosed by the chairman of Caymanas Track Limited (CTL), William Chin-See, at a press conference in the boardroom at Caymanas Park.
The racing industry last received a purse increase on July 1, 2003, this amounting to $100 million.
The announcement came a day after a meeting between the CTL board and State Minister of Finance, Fitz Jackson, at which an assurance was given by the minister to do away with the three per cent tax on gross sales imposed by the Government in November of last year.
NEW PURSE PACKAGE
Chin-See said the new purse package represents a 15 per cent increase, moving the figure from $317 million last year to $367 million. Details on how the purses will be distributed from top to bottom classes will be known following a reassessment by CTL later this month.
From the $50 million, Chin-See said a sum of $4 million will go towards increasing appearance fees. An extra $1,000 will be paid to owners of horses finishing from seventh to last place, moving it to $2,000.
Given the new purses, Chin-See said trainers will be better able to negotiate favourably with the grooms to bring about closure to the wage situation and bring greater harmony to the industry.
The three percent on gross sales which was instituted towards the end of 2005 and thought to be non-productive has been removed and the Govern-ment is now looking at the current five per cent GPT if this is appropriate.
PHYSICAL IMPROVEMENTS
The chairman also spoke of pending physical improvements to Caymanas Park, pointing to the acquisition of new inner rails on the track and an elevator for use from the ground floor of the clubstand to the top floor where the North Lounge is situated, this to cost approximately $10 million.
He added that although divestment has long been in the air, CTL cannot wait any longer to do things.
"Happily, the powers that be have seen it fit to assure us that we will be relieved of a substantial part of the burden and the minister is taking back our counter proposal before we finally come to an agreement by next Wednesday," stated Chin-See.
However, he was quick to add that in the event that divestment does not go through, CTL has certain plans. "But whatever we can do now, we're not going to wait on anything."
