Today TAB NZ have announced a reduction in distributions to Racing NZ of $15m for the remainder of the 2022/23 season. What this means for NZTR is a reduction of $8.5m in distributions for the remainder of the 2022/23 season.

New Zealand Thoroughbred Racing Chairman Cameron George and CEO Bruce Sharrock have responded to the announcement in a video which can be accessed here.

The key points raised in the video message are summarised as follows:

• The NZTR Sustainable Reserves Fund will be used to underwrite stakes levels and club funding payments to allow these to remain as planned for the current season.
• This will not result in any reductions to the Infrastructure Fund which will continue to be used to fund vital infrastructure improvements for the industry.
• NZTR will continue to explore every avenue to secure the revenue needed to underpin the industry going forward.

Should further TAB reductions occur, the NZTR board would need to review its position.