New Zealand Thoroughbred Racing has announced an increase in minimum stakes to $10,000 from March 1.

“This puts around $1.4 million back into the pockets of those racing horses this season and $3 million plus in future seasons,” said NZTR chairman Alan Jackson (pictured).

“Directors reflected on the enormous pressures owners and trainers are facing, for breeders the disappointing domestic results at the recent Karaka sales and the NZ Racing Board CEO’s recent announcement of gaming funds to be shared among codes.

“The Board of NZTR also had to balance thoroughbred racing’s tight financial situation with the livelihood of their stakeholders.

“We have to have confidence in our future. The Government has also indicated that Racefields legislation will be introduced to Parliament before it rises for the upcoming General Election, and the NZRB has stated it is considering further moves at their March meeting on top of the gaming fund distribution it has already announced.

“We believe Racefields alone will return over $12 million in distributions to racing and we look forward to making future announcements on what this means for our industry.

“NZTR will continue to consider future funding sources for our code, but given our current situation, the Board is confident that this is not a one-off funding injection.

“The Board of NZTR is committed to improving our domestic racing product, the racing calendar and venues where people go to watch racing.”