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AUSTIN, TX—JULY 10, 2019—Yesterday (July 9), representatives of the Texas Horsemen’s Association, Inc. (Quarter Horse and Paint), the Texas Thoroughbred Horsemen’s Association, Inc. (TB and Arabian), the Texas Quarter Horse Association and the Texas Thoroughbred Association met and came to a unanimous agreement.
As rules are promulgated by the Texas Racing Commission and other decisions are made with respect to the revenue created in House Bill 2463 by the 86th Texas Legislature, all the money will be split equally (50/50) between Quarter Horse interests and Thoroughbred interests.
The fund is anticipated to generate $25 million annually; therefore, if fully funded, Quarter Horse interests will receive $12.5 million ( 70% can be allocated to purse money) and Thoroughbred interests will receive $12.5 million each year.
The boards of all the Texas horsemen and breeder organizations wanted to reach an agreement, so they can immediately begin the work of developing a strategy of investing the economic incentive fund in a way that will improve Texas horse racing. It is critical that all organizations work in harmony so that horses and horsemen return to Texas and encourage economic investment in Texas racing.
The agreement in no way stipulates how either breed allocates the money between breed incentives or purse allocations. Each of the breed interests will determine the best use of the funds allocated to them to further the horse racing industry in Texas.
The agreement applies only to the allocation of the revenue created by HB 2463 and covers the period from September 1, 2019 through August 31, 2021.