BC to explore Tour venture

The Breeders' Cup board of directors approved a plan on Thursday to explore a joint venture with a group of owners who want to promote racing through a $25 million project.

The Breeders' Cup board put a deadline of 45 days on the negotiations with the group, who have called their project the Thoroughbred Championship Tour. The group hopes to raise $25 million from investors in order to fund bonuses for owners of stakes horses and to purchase television time for major summer stakes races.

Promoters of the tour have met often with the National Thoroughbred Racing Association and Breeders' Cup since 2002 to advance their cause. The talks have yet to produce substantial progress.