The royalty issue between the Royal Western India Turf Club (RWITC) and the Bangalore Turf Club (BTC) has been resolved after a period of three years.
Mr. Zavaray S. Poonawalla, chairman, RWITC, told The Hindu, “we are pleased to announce that we have come to an amicable understanding with the Bangalore Turf Club. This was a one of the important matters of our club that remained unresolved for almost three years. We took it up on a priority as it was one of the major concerns after GST which was affecting our club’s revenue. Both clubs have resolved the matter at its original formula of 23% and by the 31st of March, 2020, the benefit out of this settlement will be approximately ₹6 crore to our club.”
Reinstatement of stakes money
In view of the financial crisis which the club was facing, the RWITC Committee had decided to pay 75% of the advertised stakes for the races to be held during the Mumbai racing season.
Poonawalla stated, “with this much required boost in our revenue, we are pleased to announce that with immediate effect from the New Year, January 2020, the stakesmoney has been reinstated to 100% from its reduced status of 75%.”
