The BHB Board agreed at its meeting on 23rd September that minimum race values should rise by a total of £18m in 2003 from the base of January 2002. This is the first meaningful rise in minimum values since January 2000.

The Board also agreed that BHB should spend £5m in a matched fund incentive programme with racecourses in order to encourage racecourse contribution to the 2003 Prize Fund. Both BHB and the RCA believe that total prize money in 2003 will exceed £100m with the help of this programme, details of which are still being worked on for finalisation at BHB’s Board meeting on 10th October.

BHB Chairman Peter Savill said: “The Board has struck a very fair balance between the relative positions of the owners and racecourses. We have restored minimum values of the lowest races, which were below the levels enjoyed in 1993; we have maintained differentials between race classifications; and we have ensured continued flexibility for racecourses in funding their race programmes.

“In 2003, no Flat race will be run for less than £4,000 and no Jump race (apart from bumpers and Hunter Chases) for less than £3,200. In January 2002, these figures stood at £2,550 and £2,200 respectively.”

The 2003 Minimum Values are attached.