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Dec 19, 2008

Breeders' Cup to fund stakes program

By: SPORTS NETWORK


 

Lexington, KY (Sports Network) - The Board of Directors of The Breeders' Cup has decided to continue funding of its stakes program for the coming year, reversing a decision from the last week.

BloodHorse.com reported on Tuesday that Breeders' Cup will do an about-face on last week's decision to suspend the funding of its stakes program for 2009.

Late last week it was revealed a memo was sent out by Breeders' Cup that in an effort to keep the total purses of the 2009 Breeders' Cup World Championships at $25.5 million, the organization was suspending its stakes program for the year.

"We temporarily suspended The Breeders' Cup stakes program last week with the goal of achieving a balanced budget for 2009 in the face of declining revenues," said Breeders' Cup chairman William S. Farish, Jr. "Since then, we have been urged by a number of leading nominators and Trustees to reconsider. Given the economic circumstances of our breeders and with our goal of being responsive to our nominators, we have listened and have authorized a portion of the Breeders' Cup reserve funds be made available to maintain the Stakes program in 2009."

For 2008 there were more than 100 stakes races in the program, with Breeders' Cup allocating $6 million.

Currently, the Breeders' Cup World Championships consists of 14 races conducted over two days. This year's Breeders' Cup was held at Santa Anita, which will host the event again in 2009.



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