The British Horseracing Authority (BHA) expresses great satisfaction with the government’s recent £21 million loan. The BHA, the Racecourse Association (RCA), and the Horsemen Group (HG) are all grateful for the government’s assistance.
The funds will be utilized to aid the Horserace Betting Levy Board (HBLB) in covering expenses related to race day oversight, equine well-being, and industry education. The HBLB plays a crucial role as it provides financial support for race days and other industry costs.
The horse racing industry has faced difficulties due to the COVID-19 outbreak. The absence of spectators at races has resulted in significant financial challenges. The government’s loan will assist the industry in its recovery efforts.
Beginning on May 17th, enthusiasts will be permitted to return to racetracks, in accordance with the government’s roadmap for exiting lockdown, and loan funds will assist in bridging the revenue gap that has emerged.
The government’s winter sports initiative has provided financial aid to numerous sporting sectors over the past several months, and the assistance for British horse racing has been warmly received.
The horse racing industry has secured £40 million in loan funding from the government’s Covid-19 recovery plan, and the HBLB is formulating strategies to reimburse all loans within a decade.
It is anticipated that there will be no alterations to the HBLB’s plans to finance race days and prize money until the conclusion of June.
“These funds will contribute to ensuring that horse racing can continue to operate without spectators, despite the absence of ticket revenue,” stated BHA CEO Julie Harrington. “This will be advantageous for our racetracks, our participants and their communities, as well as the crucial role that horse racing plays as an employer and contributor to the rural economy.”
RCA CEO Charlie Liverton added: “The HBLB will be the recipient of the loan, and we anticipate collaborating with them to determine the most effective means of utilizing it.”
Rugby League, speedway and drag racing will also receive supplementary funding from the winter sports survival package, and the government may allocate additional funds for impacted summer sports later in the year.