Darby hails SVREL for increased sponsorship
United Racehorse Trainers Association (URTA) president Ryan Darby has lauded Supreme Ventures Racing and Entertainment Limited (SVREL) for the commitment to racing industry, after the betting company increased its sponsorship by $800,000 for this year's 1000 and 2000 Guineas races.
After failing to secure a sponsor for the event, SVREL has still managed to increase its stakes in this year's purse money to $2.8 million for each race.
This in comparison to $3.5 million in the previous year, of which $1.5 million was covered by a sponsor.
Darby told STAR Sports yesterday that SVREL's decision to increase the money for the races is encouraging for all the racing stakeholders.
"We were very concerned about the purse being at a minimum of $2 million, which would have killed the dream of owning a classic horse, but the betting company stepped with a significant increase and we are happy about that," Darby said.
"This is the way we want things to be because this is a big move on the part of SVREL, so we just want us to continue to work together as a team for the betterment of the racing industry," he said.
The 1000 Guineas for three-year-old fillies will be run over eight furlongs on Saturday, July 25. The 2000 for three-year-old colts and geldings over eight furlongs will be contested on the following day.
SVREL chairman Solomon Sharpe said despite the challenging times now facing racing because of the recent three-month lockdown of the industry because of the COVID-19 pandemic, his company is committed to increasing the growth of the sport.
"In previous years, the sponsorship was $2 million from the promoters and $1.5 million from a sponsor," he said.
"This year pre-COVID-19, we were about 70 per cent sure that the sponsor would have been on board. However, post COVID-19, the sponsors indicated that they no longer have those funds available.
"We revisited the number and given the prestige of the race, we would put an additional $800,000 of SVREL money, so all of this purse money of $2.8 million per race for the 1000 and for the 2000 Guineas has all been put up by SVREL."