Greyhound Racing New Zealand has reduced stakes by 5% for the new season, commencing next Saturday.
"The impact of the recession has left no choice other than to reduce stake levels for the next racing season," Jeremy Kennerley, the chief executive of GRNZ, said.
"From August 1 all minimum stakes will decrease by 5% across all classes and grades as compared to the 2008/09 season."
GRNZ had made a range of cost savings and had been prepared to use retained reserves to maintain stakes levels, Kennerley said.
"The 5% reduction frustratingly negates the 5% increase provided to minimum stakes the same time last year."
Additional cuts have had to be made to group and feature races through a combination of stake reductions, reclassification of races and deletion of races.
"It is inappropriate to run races such as the Platinum Paws," he said.
The three principal profile races will be run for a minimum stake of $75,000 (a decrease of $25,000) and group one races will have a minimum stake of $20,000 (down from $31,500).
