GRNSW Announce Prizemoney Incentive Scheme
Greyhound Racing NSW (GRNSW) has announced details of its new $2 million club performance incentive scheme that comes into place from 1st July 2008.
The new scheme will replace the current on-course totalisator rebates paid by GRNSW to race clubs whereby clubs receive a subsidy of approximately 7.5% of their on-course totalisator sales.
Under the new system, clubs will receive a reduced commission for their on-course totalisator
turnover (5%) with the money saved being split between club administration and a new prizemoney incentive pool.
All clubs will have the opportunity to benefit and receive an incentive payment from the new prizemoney incentive pool based on the amount of prizemoney paid over and above the minimum prizemoney levels funded by GRNSW.
GRNSW Chairman Professor Percy Allan AM said that the Board adopted the new scheme at this week's Board meeting after taking into account feedback and input received from clubs and associations during two phases of consultation.
“Our key goal is to drive real and long term sustainable prizemoney growth. The new scheme is about aligning our club performance incentive scheme with this core objective. It will recognise and reward clubs that grow prizemoney above the minimum levels funded by GRNSW.
“The 5% on-course tote rebate will be in place for three years before falling to 3.5% in 2011/12, at which time the additional 1.5% will be used to further increase the prizemoney incentive pool,” Professor Allan said.
“As part of the restructure being implemented on July 1, where on course tote rebates fall from
7.5% to 5%, club administration payments will increase by $500,000 which better reflects the
utilisation of the monies currently received by clubs.”
GRNSW Chief Executive Brent Hogan said that the new club incentive scheme completed the
overhaul of the club funding model that has been a priority aimed at maximising prizemoney
returns to participants whilst simplifying and streamlining club funding.