The Thoroughbred Owners and Breeders Association (TOBA) is seriously rejecting the proposed move by the promoter of local racing, Supreme Ventures Racing and Entertainment Limited (SVREL), to remove the long-standing breeder’s bonus on a number of races offered by the company.

TOBA’s response was made public on Tuesday afternoon following a meeting to discuss the issue to cut off bonus payments for all claiming races plus all races four-year-old and up events excepting for Overnight Allowance, Open Allowance and the Graded Stakes races. In addition, the bonus will still be paid on two and three-year-old races.

Following the meeting, Howard Hamilton, president of TOBA, declared that his association will respond to SVREL by letter with their proposal and since Tuesday TOBA has formally written to SVREL stating their rejection of cutting the breeder’s bonus and they have made several suggestions to the promoting company on how to increase their revenue.

“What we have pointed out to them in our letter is the importance of the breeding industry, the decline that has taken place, and the fact that we need new incentives. Breeders need incentives to continue the industry because the cost of producing a yearling and the returns the breeders get is simply not worth it. For TOBA it is a retrograde step if the bonus is removed, as suggested by SVREL, as it would lead to the decimation of the entire industry. To remove this incentive represents the final dagger lethal dagger in the heart of a floundering, unprofitable, struggling industry, which, ironically, unless the powers that be have failed to notice, is actually necessary for the existence of horse racing.

“So it is hoped that the promoting company will think again and appreciate the broader picture of the need to subsidise and assist the breeding industry to keep producing horses for racing to continue. We await the response from SVREL,” Hamilton stated while informing that in their letter to SVREL suggestions were made as to how revenues can be increased.