The UK government’s Sport Winner Survival Package is helping to protect British competition with other racing nations by boosting prize money by £7.5 million.
This is included in the total £21.5 million which will also support racecourses’ race day integrity costs to the tune of another £7.5 million, leaving the Levy Board with £6.5 million to put towards next year.
Nonetheless, according to racingpost.com, the Levy Board chairman Paul Darling stated that the loan will have to be repaid with levy funds.
Racecourses have been grateful for the financial support and assistance from the Levy Board since the impact on racing of over £400 million in lost racecourse revenue and £65 million in participant prize money.
The £7.5 million will be spent over the next 12 months with a split of 60-40 to flat and jumps, and upper tiers of racing.
BHA chief executive Julie Harrington added: “Plans for the deployment of these funds have been designed to target the areas where we have seen a decline in horses in training, and provide confidence in the future to our investors.”
Racecourse association chief executive David Armstrong noted: “Racecourses continue to incur significant integrity costs in putting on racing on a daily basis, and this additional support will be very beneficial at such a sensitive time and during the recovery phase over the next 12 months.”
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