Levy Board launches £22m coronavirus support fund for British horseracing

The Levy Board and the Racing Foundation have agreed a £22m financial package in support of British horseracing during the coronavirus pandemic.

Out of the pledged £22m, £13.5m will be available for racecourses with an additional £8m available to help the sport’s workers and participants.

Racecourses can also individually apply for loans of up to £200,000, while hardship grants awarded by the Racing Welfare charity will receive an additional £750,000.

Jockeys, valets and agents who cannot earn a wage while racing is suspended will be able to access a £900,000 hardship grant scheme.

Finally, a Racing Relief Fund, which aims to meet the welfare needs of racehorses whose owners can no longer support them, has received an initial £2.5m in funding.

Levy Board chair Paul Darling noted the new measures would meet the demand “in the short term” but stopped short of detailing future support should the coronavirus crisis drag on.

Darling said: “The board has agreed to make available significant sums to racecourses through a combination of measures that will meet the demand for cash in the short term.

“Importantly, this approach preserves further Levy funds that we know will be needed for prize money when racing resumes. It is certain the Levy Board will have a major role at that stage and beyond.

“Negotiating the many challenges ahead of us all will require exceptional cooperation between every sector. Those challenges can only be met if British racing and the betting industry work in partnership and the Levy Board will play a full and active part in ensuring that this happens,” he added.

Last week, the British Horseracing Authority extended the suspension of racing indefinitely.