The Hong Kong Jockey Club (HKJC) plans to invest HK$140 million in an attempt to significantly lower the cost of ownership in the jurisdiction, the organisation announced on Thursday.
In 2024/25, the basic monthly livery fee for horses in training will be cut by 22%, from HK$38,200 (around €4,544) to HK$30,000 (€3,568), which translates to an annualised reduction of HK$98,400 (€11,704) per horse. In addition, during the first four months after the arrival of a new horse import, the basic monthly livery fee will be further reduced by HK$5,000 to HK$25,000 (€2,974).
A new initiative will also be introduced to provide additional financial support to owners to export their horses after their retirement from racing in Hong Kong. From next season, owners will receive a payment of HK$50,000 (€5,947) towards the cost of exporting their horse from Hong Kong, in addition to the existing travel subsidy of up to HK$100,000 (€11,894).
Andrew Harding, executive director of racing at the HKJC, said, “The investment that owners make in buying high-quality horses is the bedrock of the Club's world-class racing. We recognise that at the moment owners face the twin pressures of strong competition in sourcing the best available horses to race in Hong Kong and the impact of the currently challenging global economic conditions.
“In these circumstances we have developed a package of measures designed to significantly reduce the costs that owners pay to keep their horses in training, as well as the cost that is incurred when they retire a horse.
“These measures complement the action taken by the Club over the past decade to invest in prize money to reward owners' investment. Over the past decade, prize-money has been increased nearly 100% with prize-money and incentives schemes totalling an estimated HK$1.73 billion on offer for the 2023/24 racing season.”
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