- 29 Jun
The Maryland Racing Commission June 28 signed off on an agreement whereby the Maryland Thoroughbred Horsemen’s Association, Maryland Jockey Club and Maryland Horse Breeders Association will authorize financial adjustments to the Maryland Thoroughbred Purse Account and Maryland-Bred Race Fund to share the cost of about $1 million in Maryland-bred stakes annually to save the restricted stakes program.
The MHBA Board of Directors and the MRC’s Maryland Race Fund Advisory Board recently voted to eliminate the entire Maryland-bred stakes program to maintain funding for 30% breeder bonuses in place since 2015.
MRC Executive Director Mike Hopkins said there is a major structural deficit in the Maryland Bred Race Fund, which led the MTHA and MHBA to enter discussions on how to resolve it. The agreement was ratified by the MRC, under which the Maryland-Bred Race Fund falls.
The spending agreement spans July 1 of this year through the end of 2020. The groups agreed to meet at least biannually to assess calculation of the program and make any necessary adjustments, Hopkins said.