The Moonee Valley Racing Club has cut prize money for two features races in September.
The changes, which will come into effect from this year, affect both the Group 2 Dato Tan Chin Nam Stakes and the Group 3 McEwan Stakes.
The 1,600 metre Dato Tan Chin Nam Stakes was slashed in prize money from $400,000 to $300,000 after the race was not elevated from Group 2 to Group 1 status when the Australian Pattern Committee convened last week.
This is despite the Moonee Valley Racing Club stating having spent more than a million dollars in extra funding during its campaign to have the race elevated to the top echelon of Australian racing.
“The MVRC has contributed $540,000 in additional funding to the Dato Tan Chin Nam Stakes to support its campaign to have the race elevated to Group One status,” the club said in a statement.
“This has come to nothing as the Australian Pattern Committee last week decided not to elevate the race from Group Two to Group One.
“As a result prize money has been reduced in accordance with the race’s Group Two grading.”
The Dato Tan Chin Nam Stakes was not the only Moonee Valley spring race to suffer, with the Group 3 McEwan Stakes prize money being reduced from $200,000 to $150,000 as of this year.
The race club has said that it is still offering higher prize money than the industry benchmarks require, despite the decreased stakes.
Nominations fees for both races will stay the same; however, acceptance fees will be at a reduced rate.