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There is still no decision on the future stakes for New Zealand's richest weight-for-age event, the old Kelt Capital Stakes at Hastings.

Sponsor Sam Kelt has pulled out of the event after agreement with the Hawkes Bay Jockey Club could not be reached regarding the future prizemoney for the race.

“Sam is passionate about his racing, but we could not reach agreement on where we saw the stake and where Sam saw the stake,” HBJC CEO Jason Fleming said.

“As a club we considered we had to be more prudent with the risk the club had to take than Sam saw it.

“We have worked hard to provide a prudent financial model for the race and we are still waiting on the NZTR board to make its decision on how much it will contribute to the stake.

“Until we know that, we will not be announcing the new stake and sponsor.

“But what is certain is that it will be a new race, with a new sponsor and a new stake…and the stake will be reduced.

“We, as a club, had to decide how great a risk the club could afford to take, as the club has to underpin the stake with funding from its own resources.

“The club is not in trouble, but we want to make sure we do not get into trouble”

Fleming says the club has had a positive response from prospective sponsors and there are several showing interest.

He says the race (old Kelt) holds a special place on the Australasian calendar, as it does not conflict with any other carnivals and is a great lead in to the Melbourne Spring Carnival.

“Our carnival is a great advertisement not only for NZ racing, but also NZ as a whole.”

He laments the lack of Government involvement and contribution.

“The Government just takes…there's no contribution.

“The NZTR seems to have little lobbying power.”

Fleming compares the NZ Government's lack of support with the Queensland Government which this week agreed to support the Magic Millions carnival on the Gold Coast to the tune $NZ20m, to ensure the races and carnival stays in Queensland.