The Hong Kong Jockey Club will invest HK$140 million in 2024/25 in lowering the cost of ownership.
Livery fees paid by Owners are the mechanism for covering the direct costs of the stable and other staff who are responsible for the stabling and training of horses. Recognising the current difficult general economic conditions which face Owners, the Club has decided to absorb a substantial portion of these costs on behalf of Owners.
From the commencement of the 2024/25 season, the basic monthly livery fee for horses in training will be cut by 22%, reducing from HK$38,200 to HK$30,000 per month. This translates to an annualized reduction of HK$98,400 per horse.
In addition to this, during the first four months after the arrival of a new horse import, the basic monthly livery fee will be further reduced by HK$5,000 to HK$25,000. This will represent a 35% reduction in livery fees for new imports compared with current charges.
The Club has also implemented a new initiative to provide additional financial support to Owners to export their horses after their retirement from racing in Hong Kong. From next season, Owners will receive a payment of HK$50,000 towards the cost of exporting their horse from Hong Kong, in addition to the existing travel subsidy of up to HK$100,000. In other words, Owners will be paying almost 50% less than what they are currently paying for the export of their retired horses.
Added together the three measures represent a HK$140 million investment by the Club in lowering the cost of ownership.
"The investment that Owners make in buying high-quality horses is the bedrock of the Club's world-class racing. We recognise that at the moment Owners face the twin pressures of strong competition in sourcing the best available horses to race in Hong Kong and the impact of the currently challenging global economic conditions. In these circumstances we have developed a package of measures designed to significantly reduce the costs that Owners paying to keep their horses in training, as well as the cost that is incurred when they retire a horse." Mr Andrew Harding, Executive Director, Racing, said.
"These measures complement the action taken by the Club over the past decade to invest in prize money to reward Owners' investment. Over the past decade, prize money has been increased nearly 100% with prize money and incentives schemes totalling an estimated HK$1.73 billion on offer for the 2023/24 racing season."
