Increased prize-money for the second half of 2008 has given racing a much-needed shot in the arm.
The British Horseracing Authority has announced 20% more central funding towards prize-money, with minimum value of Flat Listed races up by more than 50%, Group Three races up nearly 40% and Group Twos by 25%.
This follows on after the Levy Board allocated an extra £6.7million to prize-money for the rest of the year.
On top of increasing its funding of each racecourse fixture by 20%, the Levy Board has also approved the creation of a £1.5million Enhancement Fund.
This is in response to increasing concerns associated with the decline in the level of support for Flat Pattern and Listed races.
Britain since 2003 has been overtaken by Ireland and France in relation to minimum prize-money values for Group Two, Group Three and Listed races.
To counter this, additional payments will be made from the Enhancement Fund to these races for the last six months of the year.
The combined effect will see the minimum value of a Listed race increase by 54% (to £40,000), a Group Three race by 38% (to £65,000) and a Group Two by 25% (to £100,000).
Jumps racing is also benefiting from the increases, with the minimum value of all races rising by at least 17%.
Ruth Quinn, the BHA's director of racing, said: "This significant mid-year increase in the prize-money pool is enormously welcome and will bring obvious benefits to all concerned.
"The addition of £1.5million into an 'Enhancement Fund' will enable us to make a noticeable impact on an area of the programme that clearly needs to remain highly competitive.
"As we know, our sport continues to grow and to become increasingly globalised.
"Concentrating some additional funds on Pattern and Listed races, initially at Group Two and below, will at least bring these particular races back to a level which puts them on a par with countries such as France and Ireland.
"Additionally, if it can help in any way to dissuade owners from selling or exporting promising young horses to jurisdictions like Hong Kong and the USA, then it will be money very well spent.
"We want Great Britain to continue to offer the most compelling racing in the world, and everything we can do to attract horses of the highest quality to run here, we will strive to do."
The news has been welcomed by the Racecourse Association.
Carla Moore, the RCA race-planning executive, said: "The RCA is fully supportive of the proposed distribution of the additional prize money available for the second half of 2008.
"It commends both the Levy Board and BHA for creating an Enhancement Fund, which will provide a major boost to our Flat Pattern and Listed races.
"It is hoped that this fund will be continued in 2009 with the view to providing proper incentives for all racecourses (Flat and Jump) to invest in prize money for their feature races and/or meetings."
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