What Happened To The Corporate Sponsored "Triple Crown Challenge"?

Really tough to put into own words, since it's quite complicated, so I lifted information for you.

For the following and earlier information click on link below..

In 1996, as Chrysler ended its association as sponsor of the Triple Crown, Visa stepped in. Carl Pascarella, president of Visa, a horse owner himself, took the relationship far beyond where it was during the Chrysler era. Visa looked upon the sponsorship as a true partnership. In the winter and spring, Visa produced and aired television commercials focusing on its sponsorship of the three grade I races comprising the Triple Crown, the Kentucky Derby, the Preakness Stakes and the Belmont Stakes, and then increased the marketing budget dramatically following the Preakness if a horse was eligible to win the Visa Triple Crown Challenge. Visa helped market racing in ways that racing could not afford to do on its own.

In addition to the mass marketing campaign, Visa changed the bonus dramatically. The second and third phases of the bonus were discontinued. The first phase of the bonus was changed from supplementing the purses to equal five million dollars to a flat payment of $5,000,000. in addition to the race purses. That would mean that the winning connections would earn between $1,800,000 to $2,460,000 for the race purses and add an additional $5,000,000. to that to bring a combined purse up to a $7,000,000. range. Pascarella dearly wanted to hand out the $5-million bonus that goes with a sweep of the Triple Crown, and in six of Visa's nine years there was that possibility.

On May 21, 2005, the Visa credit card company withdrew its sponsorship of the Triple Crown, effective in 2006. It relieved Visa of paying the $5 million bonus to the owner of a horse that wons the Triple Crown. Triple Crown Productions has sponsored the races since 2006.

Many believe Visa withdrew its sponsorship as a result of the New York Racing Association's decision to break with the other two tracks on a television contract. On October 4, 2004, NYRA announced that the American Broadcasting Company and ESPN would hold television rights to the Belmont Stakes, breaking from Triple Crown Productions' deal with NBC Sports.[1] NBC Sports holds the broadcasting rights to the Kentucky Derby and Preakness Stakes until 2010. During the entire bonus period no bonus had been paid out since there still has been no Triple Crown winner since 1978.

Later years-

Combined broadcast arrangements with ABC continued until 2001, when NBC Sports took over. Under NBC, ratings continued to go up, by as much as 20 percent in some years. It did not hurt that many horses, like Funny Cide and Smarty Jones, were making Triple Crown runs during those years (although all of them failed). From 2002 to 2004, the Belmont had the highest ratings of any horse race on television.

After the 2004 race, the New York Racing Association ended its deal with NBC, citing a conflict over profit-sharing arrangements. ABC won the rights to the Belmont, and TCP was effectively dissolved related to bonuses and broadcast rights. The only function that Triple Crown Production still oversees is joint nomination fees and a small joint marketing effort

For this and more information, click on link..

http://en.wikipedia.org/wiki/Triple_Crown_Producti...

:)

Triple Crown Productions