LAHORE, July 5: With the advent of new fiscal year, the Lahore Race Club (LRC) has announced a sizable reduction in the stake money being awarded to horses occupying first three positions in each race.

A notification issued by the LRC on Saturday said that the cut in prize-money has been effected because of the economic crunch and the resultant losses financially.

LRC released a new schedule of stake money for various classes to be enforced from Sunday (July 6), showing about 33 per cent decrease being offered till June 30 last.

From now onwards the stake money for winners of class IV and class V will be rupees 50,000 as compared to rupees 70,0000 being awarded upto June 30 last. The same for class VII has been fixed at rupees 40,000 instead of rupees 60,000 till June 30.

The feeding subsidy set apart for winners has also been revised downwards from rupees 20,000 to rupees 15,000 per race.

The number of events has also been curtailed to six from eight races per day.

In order to incite owners to try their horses and make events competitive, a special cash award has been promised for owner whose charges make clean upsets. The amount will be fixed by the bookmakers operating their stalls on a particular day.—AG