UK racing will receive a financial boost after the Horserace Betting Levy Board (HBLB) agreed to offer £3.2 million in ‘immediate and short-term funding’.
As part of the new funding, £1.46 million will be used to cover one-off costs incurred by racecourses which will be used to ‘meet regulatory standards and guidance for hosting fixtures in the current environment’.
This will be capped at £75,000 per course, meaning that 34 of the 40 racecourses with costs to date will be funded in full.
In addition, £1.5 million will be directed towards PPE and face coverings used on race days which was agreed alongside the British Horseracing Authority (BHA).
Paul Darling, HBLB Chairman, commented: “The Board has acted once again in an agile way to consider and agree new proposals from Racing and we are pleased to be able to offer another £3.2m of support, now, when it is needed.
“We will consider further requests at our next formal Board meeting in September. As always, these will be judged against the context of HBLB reserves and cash flow and how we optimise our support for the sport and industry.”
HBLB also pointed out that there was further potential for other remaining racecourses to incur similar costs in the near future. The Levy Board stated that it was ‘mindful of this in making overall provision for that possibility’.
HBLB has also offered £259,000 in additional funding for the month of September to cover potential divided races. It confirmed that additional funding for races taking place from October to December is due to be considered at the Board’s next meeting in September.