06/02/2009 11:00PM

New Zealand stakes purse is cut


The world economic crisis has claimed another million-dollar race. New Zealand Racing announced on Wednesday that the Kelt Capital Stakes, run with a price tag of $1.2 million (U.S.) each of the last two years, will be cut to $790,000 for its Oct. 3 running at Hastings Racecourse.

In a prepared statement, New Zealand Racing said that every effort was made to maintain the Kelt Capital's million-dollar status, but with industry funding down that was simply not possible. Sponsored by Sam Kelt's Kelt Capital Limited, the two million-dollar runnings of the 1 1/4-mile, 44-yard contest were won by New Zealand's champion racemare Princess Coup.