NEWS
New Jersey commission approves loan for breeders
Posted: Friday, December 28, 2007 3:36 PM
by Tom De Martini
The New Jersey Racing Commission approved a $250,000 loan to the Thoroughbred Breeders' Association of New Jersey from the New Jersey Thoroughbred Horsemen's Association on December 27, allowing for full payment of state breeders awards amassed during calendar year 2007.
The commission granted permission for the loan largely because many breeders had already been paid their award monies in full.
"From the commission's perspective, it would have raised eyebrows if some breeders had been paid in full and others had not," commission Deputy Executive Director Mike Vukcevich said.
Currently, breeders of New Jersey-bred horses are paid bonuses ranging between 25% and 35% for finishing first, second or third in races contested within the state.
According to statistics from the breeders association, the incentive program generated more than $1.5-million in award monies during the '07 Monmouth Park meeting.
Statistics for the Meadowlands meeting were not immediately available.
The commission instructed breeders to submit a fiscal plan for paying 2008 breeders awards. However, according to Michael Campbell, executive director of the breeders association, the organization is not party to any funds from a possible purse supplement currently being negotiated between the New Jersey Sports and Exposition Authority, horsemen and Atlantic City casino interests.
"The situation at this time in unknown," Campbell said.
In addition, without available surplus funds for '07, the breeders association is unable to pay supplemental state-bred awards for placing in out-of-state races for the 30-day period following the final live Thoroughbred racing program of the year, Campbell said.
However, state legislators introduced a bill on November 19 that would appropriate $10-million in grants to the Department of Agriculture for grants from the state's general fund to support horse breeding. If passed, $5-million would be infused into the state's Thoroughbred breeders by June 30, 2008.
The bill is currently in the Assembly's Agriculture and Natural Resources Committee. Campbell said the state's Thoroughbred breeding program would change dramatically should the legislation be enacted.--Tom De Martini
Tom De Martini is a New Jersey-based Thoroughbred Times correspondent
