Monday 10 August, 2020

SVREL sponsorship of Guineas races increased to $2.8 million

Purses for this year's 1000 and 2000 Guineas have been increased by racing promoters Supreme Ventures Racing and Entertainment Limited (SVREL).

SVREL's chairman Solomon Sharpe announced the increases at a press launch for the 46-year-old race day at Caymanas Park on Monday.

Both races will see an $800,000 increase each from the $2 million, which was announced in the condition book some three weeks ago,  to $2.8 million.

SVREL increased its stakes in the Guineas races despite failing to secure a sponsor. In addition, SVREL suffered big losses, forced by the three-month COVID-19 lockdown. 

In comparison to the previous year,  the purse money for each of the Guineas races was $3.5 million of which $1.5 million came from a sponsor.

“I have to put the situation in context, said Sharpe.  "Racing has restarted after the COVID-19 break. The promoting company suffered badly during that time. Nevertheless, SVREL is committed to promoting horse racing. Still, the situation is that we have to try our best at minimising the losses because of the pandemic while catering as much as possible to our stakeholders' needs.

"Last year the purse for each of the Guineas races was $3.5 million. Then SVREL provided $2 million of that $3.5 with a sponsoring company putting up the other $1.5 million. This year we have no sponsor, so we originally offered the Guineas for a total purse of $2 million each. We have since reviewed the situation and have decided to add $800,000 to each of the two Guineas races.”

The 1000 Guineas, scheduled for Saturday, July 25,  will feature native-bred three-year-old fillies while the 2000, set to run on Sunday, July 26,  will feature native-bred three-year-old colts and geldings.

The Guineas races are the season's first three-year-old classics and the first leg of the Triple Crown, which is completed by the Jamaica Derby and St Leger races.



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