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NZTR Issues "Cautionary Forecast" At AGM
Chairman Guy Sargent issued a "cautionary forecast for racing" at the New Zealand Thoroughbred Racing annual general meeting in Christchurch. Sargent highlighted 3 key themes: the "difficult financial outlook", the "urgent need for governance reform within the entire thoroughbred code" & his "desire for greater trust between all parties in thoroughbred racing". Sargent noted: "While NZ racing is arguably in the best health it has ever been, with a 30% increase in returns to owners over the previous season, the NZ Racing Board forecasts are a warning to all. Due to economic conditions, 2008-09 turnovers are forecast to be down approximately 8.5% on budgets & profits forecast to be down NZ$16 million across the industry. Flowing through to the thoroughbred code, this equates to approximately a 12% decrease to the thoroughbred code's funding. This trend is expected to continue into 2009-10. We are working with the Racing Board and the other two codes to work out the best way forward in smoothing the anticipated impact."