What is the ruling on financially supporting horse races?

It is permissible to donate to horse races and receive a prize for it, based on the hadith: "There is no prize (sabaq) except in archery, camel racing, or horse racing." Sabaq refers to the عوض (compensation/prize) or جائزة (award). Nasi (نصل) refers to arrows, khuff (خف) to camels, and hafir (حافر) to horses. The hadith indicates the permissibility of spending money on horse racing, whether by the competitors themselves or an external party. Ibn Baz and Al-Fawzan have issued fatwas (religious edicts) permitting this, with the condition that the intention behind the donation is not for ostentation (riya') or seeking fame (sum'ah), and that the donation does not involve extravagance (israf).