This press release was issued by Cape Racing earlier this week.
With the start of the new racing season behind us a lot has happened over the past year and in particular, relating to Cape Racing.
The transition from Phumelela to 4Racing is taking longer than anticipated with a few more hurdles to clear with Gambling Board approvals in some of the designated provinces. This has also impacted the speed at which the much anticipated “accelerated change” can be achieved.
So, what does this mean for Cape Racing going forward?
The linkages to Phumelela run deep given that they were the managing partner and sustained the business operations through the Stakes and Sustainability Agreements that covered any losses as well as guaranteed a pre-determined level of stakes in the Western Cape.
These agreements were cancelled when Phumelela went into Business Rescue, so that meant that Cape Racing had to manage its own business to ensure the sustainability of horse racing in the Western Cape.
Cape Racing has focused on the areas that it can control directly and one of those was improving the owner experience on-course in partnership with the Racing Association.
The COVID-19 pandemic crippled the racing industry on many fronts with the lockdowns and liquor bans impacting the betting turnover in betting outlets, on-course attendance (including events) and sponsorships.
While we wait for the transfer of the racing assets to 4Racing, and discuss what a future partnership looks like, the matter of stakes is a pressing one.
This is being worked on in conjunction with the Racing Association to support the horse racing value chain and in particular the owners.
A key principle is to get the best horses competing in the regions during their feature race season, which may seem biased but everyone will get their opportunity to be boosted in-season.
With the Cape Feature racing season beginning in the month of November, Cape Racing will be committing to a minimum stakes level to that of 2020. and every e ort is being made to go beyond those levels for the Cape Racing season, which runs from 1 November to 28 February 2022.
We aim to finalize discussions with the Racing Association and relevant stakeholders on what the new committed stakes levels will be shortly. And while the season only starts in November, the intention is to implement these increases starting 1 October 2021 including minor and feature races.
Some of the following principles being considered:
- In-season stakes increase, starting 1 October 2021 till 28 February 2022
- Balancing “in-season” with “out-of-season” stakes allocations
- Increasing field sizes to generate higher betting turnover
- Relooking the programming process
- Support from the Racing Association
Discussions with all feature race sponsors are ongoing and these stakes may change should further sponsorships be secured.
Cape Racing is working on many exciting sponsorship opportunities and new event initiatives for 2022.
If you would like to participate or partner with Cape Racing please contact the Head of Events and Sponsorships – Donovan Everitt at [email protected]
For visiting trainers requiring assistance with arranging boxes please contact Teresa Esplin at [email protected]
