Belmont Stakes Deal Strengthens Bond Between NYRA, FOX

The seed of a relationship between the New York Racing Association and FOX Sports that was planted six years ago has surely grown into a mighty oak.

The Jan. 5 announcement that FOX Sports had secured the media rights for the Belmont Stakes (G1) for eight years beginning in 2023 was just the latest chapter in what has been a prosperous association for both sides.

"This is the culmination of a five-year-plus relationship with NYRA that started in a very modest way and has grown every year since then and now comes to a peak with us having the right to air their jewel and one of the American classics," said Michael Mulvihill, executive vice president, head of strategy and analytics for FOX Sports. "It's amazing how far this relationship has come and it's as friendly and innovative and productive as any contract relationship we have. It's great to see it come to this apex."

The deal also gives FOX rights to the multi-day Belmont Stakes Racing Festival at Belmont Park and includes NYRA Bets having title sponsorship of what will become the NYRA Bets Belmont Stakes.

With the Belmont Stakes switching from its current network home of NBC to FOX after this year's 154th edition, the move adds to what already amounts to the largest presence for horse racing on one of the four major television networks. What started in 2016 with FOX Sports 2 airing 80 hours of NYRA's Saratoga Live television show now stands at more than 700 hours through a deal with various FOX networks that runs through 2030—with a rather high-profile hour or so coming on board in 2023 to join FOX's flagship properties.

"The Belmont Stakes is one of those events that every casual American sports fan is familiar with," Mulvihill said about the 1 1/2-mile final leg of the Triple Crown. "They know what the Belmont Stakes stands for. They know that it is where the immortals in the sport are crowned, and that familiarity among the most casual fans obviously goes a long way when you have a Triple Crown on the line. We're going to treat it like what it is: an iconic event and American classic. It's one of a number of championships we have in our portfolio and fundamentally what our business is all about is presenting premium live events. We definitely believe the Belmont Stakes is as premium as it gets."

While acquiring the Belmont Stakes had been on Mulvihill's mind "for quite a while," negotiations heated up recently in 2021, a year that also saw FOX Sports and NYRA ink a landmark deal in March to present the circuit's races, including the Runhappy Travers Stakes (G1), through 2030.

Aside from being a coupled entry in broadcasting, FOX's belief in the NYRA product is reflected in the 25% share of the NYRA Bets advance-deposit wagering system it acquired in March along with an option to increase that stake to 49%. NYRA Bets handled $250 million in 2021, an increase of more than 100% since 2019. 

"We have an option to take a 49% share and I don't know when that's likely to happen, but the deal we just announced is an eight-year deal and I would have to believe at some point, whether it's before our first Belmont or during the term of the deal, we will become a more equal partner with NYRA in the operation," Mulvihill said.

As much as working with FOX Sports has been a huge boost to NYRA, the network's interest in horse racing could at some point have positive ramifications for the sport, both here in the United States and internationally.

"We have to be respectful of the rights that are held by other companies, so it's hard for me to talk specifically about the other Triple Crown races and the Breeders' Cup. But I can tell you two things very broadly. We're not doing our jobs if we don't examine every opportunity that comes along to add a premium championship event to our portfolio," said Mulvihill, whose network also airs premier sporting events such as the Super Bowl, World Series, and Daytona 500. "So, certainly, every opportunity that comes up to add something of that stature, whether it's in horse racing or any other sport, we take very seriously.

"Secondly, we do believe that we're evolving our business from being purely among content and wagering. That's why an import part of this Belmont Stakes deal is that we have a minority position in NYRA Bets and we believe we can use the content to develop that wagering business," he added. "So, any additional content that has a tie to betting is something we will take a look at with particular interest. I think the international classics and great events in racing around the world are an underutilized asset and are worth taking a look at."

NBC, which also broadcasts the opening two legs of the Triple Crown (the Kentucky Derby Presented by Woodford Reserve, G1, and the Preakness Stakes, G1) and the Breeders' Cup, has aired the Belmont Stakes since 2011.