Belmont Stakes purse money also rises to $1.5 million

Another famous Triple Crown horse race will see its purse raised in 2014 as it has been announced that the purse for the Belmont Stakes event will reach $1.5 million. The race, which is the third and final Triple Crown event of the year, will take place on June 7 in 2014 when it is held for the 146th time. The purse for the one-and-a-half mile race had been $1 million since it was last raised back in 1998. The New York Racing Association (NYRA) made the announcement regarding the purse on December 28.

The Belmont Stakes will now offer the same prize money as the Preakness Stakes as the Maryland Jockey Club recently announced it was raising the purse of the Preakness Stakes race to $1.5 million from $1 million in 2014. The Preakness will be run on May 17 in 2014. The first and most famous of the three Triple Crown events is the Kentucky Derby and its purse has been $2 million since it was doubled in value back in 2005. The 2014 Kentucky Derby will take place on May 17 in Louisville.

As well as the purse increase for the Belmont Stakes, the NYRA announced that the top eight finishers of the race will share in the prize money. Up until 2013 just the top five finishers shared the purse. The NYRA’s senior vice president Martin Panza released a statement which said the Belmont Stakes is by far the biggest attraction of the year at Belmont Park and the increase in the prize money reflects the status of the prestigious Triple Crown event.

Panza said the increase in purse money was made possible by the organization’s racing committee which consists of Bobby Flay, Steven Duncker, Barry Ostrager, Rick Violette and Leonard Riggio. The winner of the 2014 Belmont Stakes will take home $800,000 while the runner up will receive $280,000 and the third-place finisher will earn $150,000. Fourth place will be good for $100,000 while fifth place will pay $60,000, sixth place will be worth $45,000. Seventh place is good for $35,000 and the eighth-place finisher will be awarded $30,000.

In the past several years the top five finishers split the purse money by percentages with the winner taking 60 per cent, second place earning 20 per cent, third place taking home 11 per cent, fourth place being good for six per cent and fifth place earning three per cent. The NYRA said the increase in the purses means the race should attract the most competitive and fullest field possible and even the eighth-place owner earn good money for their commitment.

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