Thursday, October 22, 2009
OAK TREE TO CUT PURSES 10 PERCENT, WEDNESDAY, OCTOBER 21ST, 2009
ARCADIA, Calif. (Oct. 21, 2009)—Citing a sluggish local and national economy as primary factors, the Oak Tree Racing Association announced today that overnight purses will be cut 10 percent, effective this Saturday, Oct. 24.
The current Oak Tree meeting, which began Sept. 30, will run through Nov. 8 and will include the two-day Breeders’ Cup World Championships on Nov. 6 & 7.
“This is simply a business decision. Oak Tree is a short meet and we need to be responsible when it comes to the purse account. The horsemen have been supportive thus far and I’m hopeful they will continue to be, even though we are dealing with a severe horse shortage here in California,” he added.
Through 16 days of racing this past Sunday, Oak Tree’s overall pari-mutuel handle was down 12 percent compared to last year.
“We were cautiously optimistic coming into this meet, but we are dealing with a very tough economy both locally and around the country,” said Oak Tree Director and Executive Vice President Sherwood Chillingworth. “Unemployment here in Los Angeles County is near 13 percent and across the country it’s nearing 10 percent.
“As a result, our handle is off across the board. On top of that, for a variety of reasons, our horse inventory is down significantly from last year. We remain optimistic that we can finish up strongly with the Breeders’ Cup, but we really have no other choice at this time other than to make this cut.
“It’s certainly something that we hate to do, but the reality of the situation has left us no choice,” Chillingworth said. “The horsemen have been very supportive and we want to thank all of them and we hope they understand the position we are in. Again, we’re hoping to finish up strong and we are certainly looking forward to a great Breeders’ Cup on Nov. 6 and 7.
For more information on the Breeders’ Cup World Championships at Oak Tree, fans are encouraged to go to http://www.oaktreeracing.com.
Read more articles in the Oak Tree category.