NEWS
MI Developments to offer $5.5-million bonus tied to Preakness
Posted: Friday, August 27, 2010 3:57 PM
PREAKNESS STAKES (G1) DAY AT PIMLICO RACE COURSE
PhotosByZ.com/Thoroughbred Times
MI Developments Inc. will boost the Santa Anita Derby (G1) and Florida Derby (G1) purses to $1-million each and offer a $5.5-million bonus to the connections of a horse who is able to sweep a series of races and the Preakness Stakes (G1).
The bonus, dubbed the Preakness 5.5, involves Triple Crown preps at MI Developments properties Gulfstream Park, Golden Gate Fields, and Santa Anita Park. MI Developments co-owns Pimlico Race Course—the site of the Preakness—with Penn National Gaming Inc.
A horse would gain eligibility by piecing together wins at Gulfstream in either the Holy Bull (G3) or Fountain of Youth (G2) Stakes, followed by the Florida Derby and Preakness; or at Santa Anita in either the Robert B. Lewis (G2) or San Felipe (G2) Stakes, followed by the Santa Anita Derby and Preakness; or at Golden Gate in the El Camino Real Derby (G3), followed by the Santa Anita Derby and Preakness.
“In addition to the benefits to the Preakness, this program should result in significantly increased field sizes and quality in all of the pre-qualifying races at Gulfstream Park, Santa Anita Park, and Golden Gate Fields, which should result in improved handle for those tracks and XpressBet,” MI Developments Chief Operating Officer Don Cameron said, referring to the company’s account wagering arm. “The company is in the process of receiving sponsorship proposals for this program and is in the process of acquiring appropriate insurance coverage for the Preakness 5.5.”
MI Developments assumed ownership of Gulfstream, Golden Gate, Santa Anita, and the Maryland Jockey Club earlier this year after its subsidiary, Magna Entertainment Corp., went through bankruptcy proceedings. Frank Stronach, the founder and chairman of Magna Entertainment, serves MI Developments in the same capacity.
“The purpose of this grand prize is to provide a spectacular event for the fans and to create a potential life-changing experience for the stakeholders of the racing industry,” Stronach said. “These events represent the greatest hope for the renewal of the Thoroughbred racing business in America. Our continued development of [MI Developments’] recently acquired assets should translate into improved results across [the company’s racing-related] asset base.”
XpressBet will sponsor a consolation prize of $550,000 to the owner and trainer of a horse who wins the Preakness after running in one of the initial preps and finishing first, second, or third in the Santa Anita Derby or Florida Derby.
READER COMMENTS
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Posted by: Boycott S.A., Monrovia, CA on September 03, 2010 at 12:39 PM
Not only has Santa Anita turned the racing fans off and the horsemen now they are trying to ruin the Triple Crown, hasn't Santa Anita done enough damage to the sport. BAD IDEA !!!!!!!
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Posted by: GuyV, wrightstown, NJ on August 28, 2010 at 08:25 AM
Mytwocents, I believe the problem is the opposite of what you think. Instead of beating on them too hard, I think they are babying them and then putting them in demanding tests, and this is where the sidelining injuries happen that rob the sport of necessary heroes. The triple crown winners (save Seattle Slew) had 7-9 races as 2yos, Secretariat ran 6 times at sprinter distances before stretching out to a mile. Those horses were in shape, mentally and physically, and ready for 10 furlongs. Most of the horses you see falling out the pack by the breeders cup have not been trained to handle the tests they are faced with: shipping all over the country, racing on so many unfamiliar surfaces, running longer than they should too soon in their careers, against tough competition, making it to Kentucky with only 4 starts. Remember that back then, we already knew who the derby favorite was going to be on new years day, Now we do not know until 2 weeks before the race, and they end up hurt and scratched. Of course back then, the trainers knew when it was too late to try for the triple crown races. We can all believe what we want. I don't blame the sport, I blame the breeders for promoting speed over stamina, and trainers for babying the horses and then testing them past their current limit. Who pays?... The horses and the fans. Regardless, it's about time the pot got sweetened. Other than the derby that got a purse increase, the other two legs have had the same purse for up to 15 years. There were bonuses back in the 80's that made winning the triple crown more lucrative then than now. Perhaps if the purse were greater, L@L would have ventured to NY, instead of waiting for a less taxing million dollar race. Is the Haskell of equal importance with the Belmont? By purse, yes it is.
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Posted by: My twocents, Boring, OR on August 27, 2010 at 08:28 PM
I see the powers to be still dont get it! When are they gonna figure out that it is too early in a young horses' career to get him ready to run those demanding races without breaking them down. you have to have enough money to get in etc.. More pounding on them as 2 yr olds. That one year I watched 20 head start in the Ky Dby and only 1 was still standing by breeders cup day that year. Why keep breaking down the very best, year after year?
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Posted by: kevin, ocala, FL on August 27, 2010 at 05:24 PM
Brilliant Idea. Sort of makes the Belmont irrelevant though if a horse wins the bonus. No need to run him back in 3 weeks for the small money NYRA offers. Maybe NYRA will put up a $5 million TC bonus too, now that they have slots.
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