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Race Sponsorship and Prize Money

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  • #12240
    Blunkett
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    • Total Posts 416

    A bit of a novice question, but here goes:

    Do they sponsors of a race provide ALL the prize money available? I work for a company in Sheffield who have made a fair few staff redundant, and organised a 5% pay cut throughout the whole firm. However, we are sponsoring two races this weekend where the prize money for the winners are £12k and £4k respectively.

    I was just wondering if the whole amount (including money for the placed horses) will be coming from our firm? If so, I reckon there could be a few questions asked!!

    Many thanks.

    #241917
    robnorth
    Participant
    • Total Posts 6217

    Blunkett

    I think AP covered this in the "£1,943…." thread which is still current;

    ‘Burroughhill,

    A sponsor subsidises the racecourse, not the connections of the winner.

    The course advertises a race as being worth, say, £5,000. If they don’t have a sponsor, they have to pay that from their own income – which comes from their daily payment from the Levy, entry fees and gate money etc.

    If they can find a sponsor who will put up £1,000 in exchange for a box and twenty free badges, then they’ve saved a few quid. But the money from the sponsor isn’t added to the original £5,000 as you might expect.

    It might be different at the top end of the market, but that’s how it works for the sort of everyday race that this thread is about.

    AP’

    I assume that the company would consider sponsoring a race as a form of advertising. If you look at it that way, I assume that if anything you would expect the company to be attempting to raise their profile as much as possible at a time when the business is feeling the pinch.

    Rob

    #241939
    Blunkett
    Participant
    • Total Posts 416

    That’s a fair reply Rob. Thanks mate.

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