AUSTRALIAN RACING BOARD SET TO REFORM BLOODSTOCK SALES
The Australian Racing Board announced today that its aim to reform bloodstock sales has moved a step closer with the circulation of a draft Code of Practice for bloodstock transactions.
The Bloodstock Code of Practice will apply to all sales of bloodstock conducted privately and at public auction, as well as sales of stallion shares and nominations.
The Code has been developed by the Bloodstock Sales Task Force after a first round of consultation with key stakeholders within the thoroughbred racing and breeding industry.
“The industry has been crying out for reforms of this kind to increase the transparency of auctions and promote confidence in Australian bloodstock sales” the Chairman of the Task Force, Peter V’Landys, said today.
The panel will engage in further consultation with the major auction houses, the Bloodstock Agents Association, owners, breeders and trainers to ensure the Code establishes standards for bloodstock transactions that are proper, clear and will ensure public confidence in the industry.
“With the focal point of the yearling sales just around the corner I believe this is will prove an ideal time for those involved in buying and selling bloodstock to collectively form a position on the best way forward”.
“This is a great opportunity for the industry to take control of its own destiny and work with authorities to make sales an attractive and secure business environment for both large scale investors and new owners”.
Bloodstock Codes of Practice have been a topical issue around the world over the past 12 months with similar codes being introduced by the Jockey Club in the UK and the Owners and Breeders Association in the USA.
“An important aspect of this Code is the amendments to the Australian Rules of Racing AR. 7 (s), AR.175 (v) and AR.209 that have been developed to enforce breaches of this Code”.
“We will be vigorously enforcing the Code to ensure that it is followed and that those who commit breaches are severely penalised”.
The Chairman of the Board’s panel Mr Peter V’Landys has invited interested parties to bring forward their suggestions on the Draft Code.
“It is expected that after further consultation the Code will be adopted and in place by the start of the 2005/06 racing season”.
Suggestions are requested by 25th April, 2005.








