SVREL, horsemen agree to $48-m increase
Published:Thursday | June 30, 2022 | 12:11 AMRobert Bailey/Gleaner Writer
PATRICK SMELLIE, president of the United Racehorse Trainers Association of Jamaica (URTAJ), said his organisation has signed a $48-million purse increase agreement with horseracing promoters Supreme Ventures Racing and Entertainment Limited (SVREL).
Smellie told The Gleaner that the URTAJ had successfully negotiated with SVREL to maintain the $18 million that was added to the purse earlier this year and was due to expire on June 30, along with an additional $30 million. He said the increases were scheduled to expire on December 31 of this year.
“This is a reasonable start in the negotiations term although we are facing high costs, but based on the circumstances with SVREL, it is a good start for us,” said Smellie.
“We are happy that we have gotten an increase because we are facing increases every week. However, we are working together with them to try and improve every aspect of the racing, and what is good for the horsemen, and everything like that,” he said.
Both parties have also agreed that the purses that will be paid out annually by SVREL will be calculated as a percentage of gross gaming revenue (GGR) earned by the promoting company in the preceding year from the sale of local horse races only.
GGR is defined as total sales on local horse races promoted by SVREL less total winnings paid to punters.
Smellie pointed out that this is a good way forward for both organisations as it will help to foster a much better relationship between the entities.
“This will bring a little relief to us, and we have agreed that the purses that will be paid annually will be a sale to purse gross gaming revenue from the preceding year,” he said.
“That negotiation was started before we reached the table, and we will continue with it going forward,” Smellie said.
Executive Chairman of SVREL Salmon Sharpe said his organisation was delighted to have come to an agreement with the URTAJ and was looking forward to a good working relationship with the association.
“SVREL looks forward to the impact of this historic agreement as it represents the power in a collaborative process among the main industry stakeholders,” said Sharpe.
“This symbiotic negotiation process and mutually beneficial relationship must prevail for the future viability, sustainability, and success of horseracing.”