$5.5 Million Bonus Program Tied to Preakness

[andymays]

http://www.bloodhorse.com/horse-racing/articles/58605/55-million-bonus-program-tied-to-preakness

Excerpt:

MI Developments Inc. announced Aug. 27 a bonus program involving tracks owned by the company that could result in a $5.5 million bonus for the winner of the 2011 Preakness Stakes (gr. I). MID also announced that purses of the Florida Derby (gr. I) and Santa Anita Derby (gr. I) would both be increased to $1 million.

[bane]

I think this is a ridiclous idea, The Triple Crown Trail really doesn't need more money to it. I understand why they are doing this but if they don't run The Pimlico Special I will be very cross.

Why can't they take this money and use this for Handicap and Weight for Age Stakes that really need the money and press? The entire Triple Crown is pretty much the sport now and almost every winter track now has a graded derby prep!

How about making a bonus for the older guys, lets have a reason to keep them running?

[Hanover1]

Just not seeing the logic here either.....another example of needing to look at the Prez? :confused:

[Grits]

VISA was such a more simple concept. And made great commercials to boot.

Frank could confuse a walkover. Damn!

[bisket]

i hope to see the pimlico special this year as well.

[bane]

This will be like th 85 Jersey Derby....

[InTheRiver68]

I think this is a ridiclous idea, The Triple Crown Trail really doesn't need more money to it. I understand why they are doing this but if they don't run The Pimlico Special I will be very cross.

Why can't they take this money and use this for Handicap and Weight for Age Stakes that really need the money and press? The entire Triple Crown is pretty much the sport now and almost every winter track now has a graded derby prep!

How about making a bonus for the older guys, lets have a reason to keep them running?
They're not guaranteeing that they'll give out $5.5M, they're only saying that they will pay if the winner of the Preakness has also won at least two other specified races in the lead-up to the Preakness.

These payouts are usually underwritten by an insurance company. For a fat fee (probably on the order of $100,000 to $200,000), the insurance company agrees to pay the Preakness 5.5 winner the $5.5M. The idea is, the chances of the Preakness winner having also won the Florida Derby or the Santa Anita Derby, PLUS the qualifying race before it, are slim.

- InTheRiver68

[keithw84]

This will be like th 85 Jersey Derby....

It could screw up the Triple Crown trail, but it's still hard to imagine the winner of either the Florida Derby or Santa Anita Derby skipping the first Saturday in May.

[keithw84]

They're not guaranteeing that they'll give out $5.5M, they're only saying that they will pay if the winner of the Preakness has also won at least two other specified races in the lead-up to the Preakness.

These payouts are usually underwritten by an insurance company. For a fat fee (probably on the order of $100,000 to $200,000), the insurance company agrees to pay the Preakness 5.5 winner the $5.5M. The idea is, the chances of the Preakness winner having also won the Florida Derby or the Santa Anita Derby, PLUS the qualifying race before it, are slim.

- InTheRiver68

If that's how it works and MID has already paid all the money they will actually have to pay themselves, then they should be hoping that the $5.5 M does get paid out - for the publicity, right? ...Although it would make their "premium" higher next time around.

[Jasonm921]

I like the concept and they should get nice quality fields. I wish they would do something like this with respect to Breeders cup races. For example... If you placed in the classic last year. Every race you run in this year (grade 1 races) would be worth 100 grand more just for the eligible horses. Ofcourse the tracks have to be behind this but it would help keep the good horses around.

[InTheRiver68]

If that's how it works and MID has already paid all the money they will actually have to pay themselves, then they should be hoping that the $5.5 M does get paid out - for the publicity, right? ...Although it would make their "premium" higher next time around.
Oh, yes, they'd love to see it paid out. Next year, if that's the case, they may have to share the liability with the insurance company. "Okay, so we took you for $5.5M last year. This year, we'll self-insure for half of it, and you insure us for the other half, for the same premium."

But you know, now that I think about it, aren't they "encouraging" a path to the Preakness that many horses take anyway? And even if it's highly successful, aren't they only getting, at most, *two* extra entries into the race?

- InTheRiver68

[cj]

It could screw up the Triple Crown trail, but it's still hard to imagine the winner of either the Florida Derby or Santa Anita Derby skipping the first Saturday in May.

What if it were a gelding? I know what I would do, and it wouldn't include a trip to Churchill.

[kenwoodall2]

All I told them in a very recent email was to tie as many promotions as possible to the Kentucky Derby and call them "Ky Derby qualifying races"! Since that is the first thing the general public thinks of when you ask them what they knoe about racing! But I did not mentiom the Preakness! Of course, i told Adena Springs to do 1/2 ViRTUAL horse ownership contest!
_______________________________________
Santa Anita track, dates‏
8/19/10
To dennis_mills@racingfuture.com
From: ken woodall (kenwoodallpromos@msn.com)
Sent: Thu 8/19/10 9:15 PM
To: dennis_mills@racingfuture.com



Santa Anita must find a solution to its dates and track structure problems in order for any new promotions and marketing to be effective.
Also, the first thing the public thinks of in racing is the Kentucky Derby; Your contest foal needs a web cam and a TC nomination.

[Robert Goren]

All I told them in a very recent email was to tie as many promotions as possible to the Kentucky Derby and call them "Ky Derby qualifying races"! Since that is the first thing the general public thinks of when you ask them what they knoe about racing! But I did not mentiom the Preakness! Of course, i told Adena Springs to do 1/2 ViRTUAL horse ownership contest!
_______________________________________
Santa Anita track, dates‏
8/19/10
To dennis_mills@racingfuture.com
From: ken woodall (kenwoodallpromos@msn.com)
Sent: Thu 8/19/10 9:15 PM
To: dennis_mills@racingfuture.com



Santa Anita must find a solution to its dates and track structure problems in order for any new promotions and marketing to be effective.
Also, the first thing the public thinks of in racing is the Kentucky Derby; Your contest foal needs a web cam and a TC nomination.Right now it is the only thing the public thinks of when it comes to racing.

[keithw84]

Right now it is the only thing the public thinks of when it comes to racing.

Last year, I left a tailgate that was in full swing to go place a bet on the BCC, and I had to explain to people that it was, in fact, a bigger race than the Derby.

Turned out to be a good day as my exacta was Zenyatta-Gio Ponti AND the Cornhuskers beat the Sooners!

[bane]

Turned out to be a good day as my exacta was Zenyatta-Gio Ponti AND the Cornhuskers beat the Sooners!

Just head to the Big 10 anyway since you can't even handle the Big 12 North let alone the South ;)