'Our wider vision is to create an atmosphere like the Melbourne Cup'
Prizemoney for the Cathay Pacific Hong Kong International Races could be raised next year and the incentive bonuses to local horses scaled back, as part of the Jockey Club's ongoing push to make its big day in December the legitimate world turf championships.
The club's executive director of racing, Winfried Engelbrecht-Bresges, yesterday stressed the Jockey Club's determination to see the international races maintain their level of global importance. 'The fact that the Hong Kong dollar is pegged to the US has devalued the HKIR to some extent for owners in Japan, Australia, New Zealand and Europe,' Engelbrecht-Bresges explained.
'Over the next few weeks, we will be looking at our system of entry fees for the international races, as well as the amount of bonus payments that are made to the owners of Hong Kong-trained horses.
'The bonuses were introduced as part of an incentive for Hong Kong owners to invest in higher-quality bloodstock, so that our horses could become more competitive against international competition.
'Clearly, the results of the last few years indicate Hong Kong horses are now extremely competitive. We are not saying these incentive payments will be taken away, but it's possible some part of them may be redirected to overall prizemoney.
'What we will be attempting to do, through an overhaul of the entry system and the bonuses to local horses, is to increase prizemoney for the four HKIR races in a way that is cost neutral.'
