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NZ Code Funding To Increase NZ$18m Next Season

Thursday, 1st May 2008

The NZ Racing Board announced it will "deliver an additional NZ$18 million in Code funding next season off the back of what has been a strong domestic summer season with encouraging export bet sales". NZRB chairman Michael Stiassny said "as part of the agreements entered into with Tabcorp, the Board agreed to underwrite a minimum distribution of NZ$115 million to the Codes for the current season in recognition of each Codes commitment to supporting the changes to the way the industry needs to operate going forward. The financial returns from our internationalisation agreements with Tabcorp are exceeding projected outcomes & we are now in a position to deliver those benefits to the industry." The Board "expects to distribute NZ$119 million to the Codes for the current season, being $4 million over the previously committed NZ$115 million. Additionally funding for next season has been set at NZ$129 million, NZ$14 million higher than the current season interim amount. Of the additional NZ$18 million, at least 50% will be required to go into returns to owners, with the balance available for investment in industry infrastructure."

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