Minister of Racing approves TAB NZ Entain strategic partnership
In a historic moment for New Zealand’s racing industry and supporting codes, Hon Kieran McAnulty, New Zealand’s Minister of Racing, approved the partnering of TAB NZ with world-class international wagering operator Entain for a 25-year strategic partnering arrangement.
The confirmation of this strategic arrangement, signed on Tuesday 23 May by the Minister at New Zealand Bloodstock’s Karaka Sales Centre, is one of the most significant announcements made in recent history for the thoroughbred racing industry.
“This is one of the most significant days in New Zealand racing history. This deal will reverse falling revenues for racing and provides certainty over the coming years,” McAnulty said.
“I’m confident this agreement will help secure a solid future for the racing industry and sports in New Zealand through increased financial distributions to national sports organisations.”
New Zealand Thoroughbred Racing Chair Cameron George commented on the approved arrangement.
“NZTR Board and management have been working for a number of weeks in anticipation of a positive outcome of this agreement,” he said.
“This, for the first time in our history, allows us to plan with certainty to support the long-term sustainability of the racing industry,” George said.
NZTR CEO, Bruce Sharrock is thrilled by the outcome of the partnership and the benefits it will have on New Zealand’s wider racing industry.
“Now that the approval has been given, NZTR intends to confirm the framework and test it against all budgets and industry priorities before making a formal announcement of our initiatives and stakes increases on 15 June at Karaka on the eve of the 2023 National Weanling and Broodmare Sale.”
Sharrock also acknowledged the work of TAB NZ and New Zealand’s government in finalising the strategic partnering agreement.
“We strongly believe this announcement is the right move forward for the racing industry and appreciate the vision of TAB NZ and this government in understanding the positive impact this arrangement will have in the decades ahead,” Sharrock said.