In this section, “open purse” means any purse, except for one offered in a race funded by the Maryland–Bred Race Fund. The Commission may direct a deduction from open purse money of 0.25% of all mutuel pools to be paid to the Maryland Backstretch Employees Pension Fund. Subject to the approval of the Commission, the licensees and an organization that represents a majority of the owners and trainers in the State shall agree on a formula for distributing open purse money. The formula shall distribute approximately 85% of the open purse money to the overnight races of the current year and approximately 15%, but not more than 17%, to the stakes races of the current year. The organization that represents a majority of the owners and trainers in the State shall set an amount not less than 1% but not more than 3% that shall be deducted from all open purses and paid to the organization.