Breeders' Cup, TCT Reach Tentative Deal
Updated: Friday, June 4, 2004 12:40 PM
Posted: Friday, June 4, 2004 12:40 PM
An agreement in principle was reached Wednesday for a joint effort between Breeders' Cup and the Thoroughbred Championship Tour.
G. Watts Humphrey, Jr., chairman of the Breeders' Cup executive committee and Robert McNair, co-chairman of the TCT, confirmed the agreement in Friday. No additional public comment will be made until the organization's respective boards review the proposal.
The TCT, proposed in 2001, is a product of the Thoroughbred Owners and Breeders Association. It would be a for-profit series in which participating racehorse owners would invest and have equity. Revenue would be generated by television rights and a percentage of pari-mutuel handle at participating racetracks.
TCT organizers currently are lining up investors with the hope of raising $25 million in start-up funds. (The minimum investment per share is $250,000.) The concept is designed in part to offer owners an opportunity to have input and proprietorship of a business that would showcase their horses.
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