SHOW WILL GO ON - Racing in city will not stop after Indian Derby - By Shailendra Awasthi | TOI
Posted on - 18 Jan 2017
SHOW WILL GO ON - `Racing in city will not stop after Indian Derby'
-By Shailendra Awasthi
Mumbai:
Terming it as the handiwork of gossip mongers who did not wish well for the club, Royal Western India Turf Club (RWITC) has asserted that the Mumbai Season 2016-17 would not come to an abrupt end after the staging of the Indian Derby owing to financial problems faced by the premier racing club in the country . “We are on course to stage a spectacular Derby Weekend and will surely carry on not only for the season, but thereafter too,“ RWITC chairman Vivek Jain told TOI. “We accept there are losses and there is a serious strain on our finances, but that will bring about the best in us, and the committee is united in its effort to turn around the club.Please do not give credence to this, and we are on track to stage a full and fine season as always,“ he added.
Jain also stressed that efforts were on to get the sponsorships for the Indian Derby for the year 2018 onwards as the current five-year deal with United Breweries Limited and United Spirits Limited comes to an end this year. “We will begin negotiations of the renewal of the Derby sponsorship, and I have absolutely no doubt in my mind, that we will achieve this, soon enough,“ said Jain, who was primarily responsible in getting the joint UBL-USL sponsorship, when all appeared lost at one stage.
RWITC is also leaving no stone unturned to fight the financial crisis and the effect of demonetisation. “Faced with a Rs 25 crore loss in year 1516, and poor revenues, we initially slashed stakes by 50% till end of December, but improved the payout to 75% on the strength of more support from the bookmakers.
“The stall fees payable by bookmakers are now at 85% of normal, as against just 35% for the first few meetings. With these measures we are making a direct contribution on race days which seemed virtually impossible at the start of the season. We hope the bank liquidity improves to boost our tote takings,“ informed Jain.
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