After eliminating funding for its stakes program last week, the Breeders’ Cup
Board of Directors announced plans Wednesday to fund the Breeders’ Cup stakes
program in 2009 from the organization’s reserve fund. The funding for the stakes
program was eliminated as a cost-cutting measure designed to balance the budget
in the face of the worldwide economic downturn. However, members of the breeding
industry voiced their concerns to the Board about the loss of Stakes funding.
“We temporarily suspended the Breeders’ Cup Stakes program last week with the
goal of achieving a balanced budget for 2009 in the face of declining revenues,”
Breeders’ Cup Chairman William S. Farish Jr. said. “Since then, we have been
urged by a number of leading nominators and Trustees to reconsider.
“Given the
economic circumstances of our breeders and with our goal of being responsive to
our nominators, we have listened and have authorized a portion of the Breeders’
Cup reserve funds be made available to maintain the Stakes program in 2009.”