For the past eight years the race has been worth $60,000.

This is part of a significant increase in prizemoney for the XXXX Gold sponsored two day carnival to be run on August 19 and 21.

"Overall prizemoney for the two days will increase to $397,000,'' Taree-Wingham Race Club president Greg Coleman said.

"This is an increase of $100,000 for the 16 races over the two days.''

The cup, sponsored by Stacks the Law Firm, will be run over 2000m on Sunday August 21. Mr Coleman said the increase in prizemoney brings Taree-Wingham into line with major country clubs including Coffs Harbour and Tamworth. He said this will help attract major city stables and leading jockeys to the carnnival.

"We already get great support from provincial trainers. Now we should attract city trainers and jockeys as well,'' Mr Coleman said.

"Gerald Ryan supported us three years ago and bought Brenton Avdulla with him. We're looking to attract trainers and jockey of this calibre.''

This will in turn increase turnover - the lifeblood of race clubs.

Mr Coleman explained that Racing NSW will increase prizemoney to country clubs from July 1 to $20,000 per race.

"It seemed the right time to review the prizemoney for the major races at our carnival,'' he added.

There will also be changes to the two day program.

The Livermore-Hopkins Open Handicap was raced for the first time last October in memory of two giants of Mid North Coast Racing, Ivan Livermore and former Taree president Don Hopkins.

This will now become the feature of the Friday August 21 meeting and will carry $30,000 in prizemoney.

"We had a void with a major race on the opening day of the carnival and the Livermore-Hopkins handicap will fill that,'' Mr Coleman explained.

"This will again be run over 1400 metres and will be sponsored by the Mid Coast Automotive Group.''

The other seven races will be worth $20,000. Total prizemoney for the meeting will be $170,000 compared to $125,000 in 2015.

There'll be a new distance for the feature sprint on cup day - the Manning Lightening. This will be reduced from 1250 metres to 1000m.

The three-year-old maiden plate run on the cup program will have $22,000 in prizemoney and as the case with the Friday meeting, all other races will be worth $20,000. This will bring prizemoney for cup day to $227,000, up from $172,000.

As has been the case in recent years, the Taree Cup will be a quality handicap.

Mr Coleman revealed that the club will contribute some of the prizemoney as a direct result of the successful 12 months it has enjoyed financially.

"Another reason the board has decided to increase prizemoney is because our income is derived from turnover. Better quality horses and recognised trainers and jockeys will attract more money,' he added.

"That's how the racing industry survives.''

The cup launch dinner and Calcutta will be held on Saturday August 20 and Mr Coleman revealed the club is negotiating with a high profile guest speaker, who he described as 'racing royalty.'

"This is the premier event for the club and there's no other sporting event held in this town that carries this sort of money. The board intends to maintain this prizemoney going forward,'' Mr Coleman assured.

mick.mcdonald@fairfaxmedia.com.au