LAHORE, July 7: A new format of classwise stake-money to be awarded to the horses winning first three positions in a race has been announced for the Lahore Summer Meetings, showing a reduction from ten to twenty per cent from July 10.

The decision was taken by the Lahore Race Club (LRC) stewards at a meeting presided over by LRC chairman Tariq Aziz.

The need for this reduction in prize-money has been necessitated “owing to reduced income of the Lahore Race Club and constant losses it is suffering during the meetings in summer season”.

The revised schedule of prize-money, will remain operative until the club income shows an upward trend, LRC secretary Ata Ali told Dawn.

The LRC stewards have framed eight categories for the award of stake-money to the first three position holders in each race.

A twenty per cent cut has been made in the stake-money of Class IV Division I.

The winner is to receive Rs 80,000 while the horses placed second and third will get Rs 26,667 and Rs 13,333, respectively.

The same for Class IV Division II has been revised and the winner of a race in this class and division will receive Rs 75,000. The horses coming in second and third will get Rs 25,000 and Rs 12,500.

The Class IV Division III contestants winning first three position will receive Rs 70,000, Rs 23,333 and Rs 11,667, respectively.

The horses placed first, second and third in Class V Division I races will be receiving RS 65,000, Rs 21,667 and Rs 10,833, respectively.

The stake-money announced for first three position holders in Class V Division II races will be Rs 60,000, Rs 20,000, respectively.

The prize-money for Class VII Division I, will be Rs 55,000, Rs 18,383 and Rs 9, 167, respectively.

The horses winning first three positions in Class VII Division II will receive Rs 50,000, Rs 16,667 and Rs 8,333,respectively. The Class VII Division III first three position holders will get Rs 45,000, Rs 15,000 and Rupees 7,500, respectively.

However, the LRC has maintained that the subsidy being granted to the horse-owners will not be reduced or altered and will remain the same.