While Breeders' Cup is currently operating with debt some believe will result in cuts to purses, a 20-member group has been working toward long-term solutions to bring the organization back to financial stability.
Breeders' Cup will fund its stakes program in 2009 and beyond, it announced Feb. 4 following a meeting of its board of members and trustees.
Breeders' Cup officials, who announced Dec. 11 they were suspending the Breeders' Cup stakes program and a week later decided to fund the program using money from the organization's reserve account, have yet to approve which races will receive the added money.
Breeders' Cup, under fire for a plan to suspend the Breeders' Cup Stakes program, issued a memorandum Dec. 18 that in part explains the organization's financial situation and investment strategy.
The Breeders' Cup board of directors has decided to fund the Breeders' Cup Stakes program for 2009 by using money from the organization's reserve fund, according to a statement dated Dec. 17.
Five days after it announced it was suspending its North American Stakes program, Breeders' Cup apparently has reversed itself and decided to fund the program for 2009, according to two members of its board.
A record number of foals were nominated to the Breeders' Cup program in 2006, and now a record 52% of the eligible North American foal crop can participate in the program.
Breeders' Cup and some of the top racetracks in the country have repackaged major stakes for 2007 in the hope of promoting the World Championships. The scheme includes guaranteed berths in the Breeders' Cup for horses that win stakes on six big-event days in the summer and early fall.
Officials of Breeders' Cup Limited and the National Thoroughbred Racing Association (NTRA) announced that the 2006 Breeders' Cup Stakes program would feature 135 races and allocate $8 million in Breeders' Cup Funds to stakes races across North America.
This year's Breeders' Cup Stakes program will offer $7.3 million in purse money spread over 125 stakes. Included are 69 graded stakes in the United States and 15 graded stakes in Canada.
The Breeders' Cup board of directors has approved a committee recommendation that all grade I stakes that receive Breeders' Cup purse supplements be run under weight-for-age conditions effective July 1.
The Breeders' Cup board of directors has approved a committee recommendation that the Bessemer Trust Breeders' Cup Juvenile and the Breeders' Cup Juvenile Fillies be lengthened to 1 1/8 miles this year.
A national stakes program funded in part by Breeders' Cup Ltd. has been re-branded to distinguish it from the "Road to the World Thoroughbred Championships" series.
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