The move of major bookmakers to offshore locations helped contribute to decreased wagering yield as British racing contracted 1.2% compared with four years ago, according to a recent British Horseracing Authority report.
Churchill Downs Inc. has asked a federal bankruptcy court to ensure funds its member tracks contribute to the Jockeys' Guild be used for their intended purposes and not for other needs the financially-troubled organization may choose.
The Jockeys' Guild generated $2.1 million less revenue in 2003 than in 2002, according to a 2003 financial report the Guild filed in December with the U.S. Department of Labor. Total revenue declined 31% from $6.8 million in 2002 to $4.7 million in 2003, according to the document.
The Jockeys' Guild began its annual meeting Dec. 6 with a call for solidarity -- even in the face of the dismissal of member Eddie King, who had sued the organization -- and a call for members not to talk to the press.
The record-breaking media deal agreed up in June 2001 by the majority of Great Britain's racecourses and broadcaster attheraces has collapsed.
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