FTBOA Makes Breeders' Payout Changes
Edited press release
The board of directors of the Florida Thoroughbred Breeders’ and Owners’ Association announced Nov. 9 a change in the manner in which Breeders’ Awards will be paid in 2011.
This decision comes after the board reviewed numerous possible payment scenarios for the program, which underscored the need to ensure the program’s continued solvency, as well as polling of the membership to determine whether to keep the program the same – paying only on winners in Florida – or changing the program to pay Florida-bred first-, second- and third-place finishers in the state.
Subject to the terms of the FTBOA’s annual awards plan, which must be filed with and approved by the state, the FTBOA board voted unanimously Tuesday to pay a Breeders’ Award to the breeder of a Florida-bred lawfully registered with the FTBOA that finishes in first, second or third place in a race at a Florida thoroughbred track as follows:
• For first place – 10% of the announced gross purse, less any Florida Owners’ Awards included therein, with each such Breeders’ Award limited to no more than $10,000.
• For second place – 3% of the announced gross purse, less any Florida Owners’ Awards included therein, with each such Breeders’ Award limited to no more than $3,000.
• For third place – 2% of the announced gross purse, less any Florida Owners’ Awards included therein, with each such Breeders’ Award limited to no more than $1,500.
The FTBOA’s annual awards plan for 2011 will be submitted to the Department of Business and Professional Regulation’s pari-mutuel division in the coming week.
“This is another component of our economic stimulus plan being implemented,” said FTBOA president Fred Brei. “We appreciate all the input we received from Florida’s breeders on this important decision for our industry.”
In addition to paying three places for Florida races, FTBOA officials anticipate being able to pay out-of-state Breeders’ Awards for Florida-breds that win Sunshine Millions races in California for 2010 and 2011.
Other key components of the economic stimulus plan, which was originated in 2007, rolled out in 2008, passed by the State Legislature in 2009 and went into effect July 1, were extended card-room hours for pari-mutuel facilities and a reduction in state taxes on slot machine revenue from 50 percent to 35 percent.
Also progressing is the conversion of the FTBOA’s quarter horse racing permit into a nonprofit thoroughbred racing permit in Marion County. At the present time, articles of incorporation have been filed and bylaws are being put together for the purposes of making the conversion application to the state.
“The bottom line in this business, and what matters most, is the accomplishments of our Florida breeders,” said Richard Hancock, executive vice president of the FTBOA. “Three Florida-breds winning races at the Breeders’ Cup is a powerful reminder to the thoroughbred industry just how strong the Florida-bred program is.”
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