Updated on 04/15/2011 12:34PM

Breeders' Cup revenue rises for 2010

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Breeders’ Cup Ltd. had total revenue of $50.1 million in 2010, a sharp increase over revenue of $43.6 million in 2009, largely on higher fees from its year-end event, held last year at Churchill Downs, according to financial statements released late on Thursday.

Revenue from the year-end event was $27.9 million, up from $20.2 million in 2009, when the event was held at Santa Anita Park in Southern California. The event is also scheduled to be held at Churchill Downs this year.

Expenses remained even with last year, giving the organization a $5.2 million positive net change in assets for the year. In 2009, the organization lost $1.1 million.

The results were a welcome change for the Breeders’ Cup, which had struggled financially in recent years due to a large loss on its investments associated with the recession. According to the financial statements, Breeders’ Cup had $32.3 million in total assets at the end of the year, compared to $27.1 million at the end of 2009. In addition, Breeders’ Cup had $3.4 million in cash at the end of the year, compared to $1.1 million at the end of 2009.

Fees from nominations, however, declined compared to 2009, dropping to $12.1 million from $14.8 million. Nomination fees were expected to drop because of declines in stud fees for nominated stallions over the past several years due to the crash of the bloodstock market. Stallion nomination fees are tied to stud fees.

Sponsorship revenue was up 14.3 percent, rising from $5.6 million in 2009 to $6.4 million, according to the financial statements.