The seed of the New York Racing Association and FOX Sports relationship planted six years ago has certainly grown into a mighty oak tree.
The January 5 announcement that FOX Sports has secured media rights to Belmont Stakes (G1) for eight years from 2023 is just the latest chapter in a prosperous association for both parties.
“This is the culmination of a more than five-year relationship with the NYRA that began very modestly and has grown every year since and now culminates with our acquisition of the broadcasting rights to the gem. their quarter and one of the American classics,” said Michael Mulvihill, executive vice president, head of strategy and analysis, FOX Sports. “It’s amazing how far this relationship has come and it’s as friendly, creative and productive as any contractual relationship we’ve had. It’s great to see it come to this top. “
The agreement also grants FOX the rights to the multi-day Belmont Stakes Racing Festival in Belmont Park and included NYRA Bets with title sponsorship of what would become the NYRA Bets Belmont Stakes.
With Belmont Stakes moving from its current carrier, NBC to FOX after its 154th edition this year, the move adds to what has become the largest equestrian presence on any of the four broadcast networks. large image. What began in 2016 with FOX Sports 2 broadcasting 80 hours of NYRA’s Saratoga Live TV show now reaches more than 700 hours through an agreement with various FOX networks that runs through 2030 — with one hour pretty high or so will start in 2023 joining FOX flagship products.
“The Belmont Stakes is one of those events that every casual American sports fan is familiar with,” Mulvihill said of the Triple Crown’s 1/2-mile final. “They know what Belmont Stakes stands for. They know that’s where the immortals in the sport take the throne, and that familiarity to the most casual of fans will obviously go a long way. long when you have the Triple Crown. We’ll treat it as it is: an iconic and classic American event. It’s one of many championships we have in our portfolio. It’s our investment and basically what our business is about is showcasing premium live events. We certainly believe that Belmont Stakes is as premium as it gets.”
While acquiring Belmont Stakes has been on Mulvihill’s mind “for some time,” negotiations have heated up as recently as 2021, a year that also saw FOX Sports and the NYRA strike a deal that brought the deal. landmark March to introduce lap races, including the Runhappy Travers Stakes (G1), through 2030.
Besides going hand in hand with the broadcast, FOX’s faith in the NYRA product is also reflected in the 25% stake in the NYRA Bets pre-staking system that it purchased in March along with the option to raise the stock. that share to 49%. NYRA Bets processed $250 million in 2021, up more than 100% since 2019.
“We have an option to take a 49% stake and I don’t know when that might happen, but the deal we just announced is an eight-year deal and I’m going to have to believe in a deal.” At some point, whether it’s our first time in Belmont or during the term of the agreement, we will become more equal partners with the NYRA in operations,” Mulvihill said.
While the partnership with FOX Sports has been a huge boost for the NYRA, the network’s interest in horse racing could at some point have positive ramifications for the sport, in both the United States and internationally.
“We have to respect the rights held by other companies, so it’s hard for me to be specific about the other Triple Crown races and the Breeders’ Cup. But I can tell you two very broad things. We don’t say Mulvihill, whose network also broadcasts top sporting events like the Super Bowl, World Series and Daytona 500. Certainly, every opportunity comes along to add something of that caliber. , whether it’s in horse racing or any other sport, we take it very seriously.
“Secondly, we believe we are growing our business from being completely based on content and staking. That is why part of the import of this Belmont Stakes deal is us. has a minority position in NYRA Bets and we believe we can use the content to grow that betting business,” he added. “So any additional content that is related to betting is something we will look at with particular care. I think international classics and major racing events around the world. The world is an underutilized asset and worth consulting with.”
NBC, which also broadcasts the opening two games of the Triple Crown (the Kentucky Derby played by Woodford Reserve, G1, and the Preakness Stakes, G1) and the Breeders’ Cup, has aired Belmont Stakes since 2011.
