HBLB: Levy expenditure unchanged for 2009
Date posted: 25 Sep 2009
The Horserace Betting Levy Board (HBLB) has made no change to its forecast expenditure for 2009, following a meeting earlier this week.
Previous decisions for 2010 also remained unchanged during the meeting, although the board admitted that it would keep its position under regular review in light of predicted falls in the annual levy.
The allocation of prize money for 2010 will remain at £57 million, with the board agreeing to the Racing Representatives'' request to contribute £200,000 to the 2010 BHA fund.
The Horserace Betting Levy Board (HBLB) has made no change to its forecast expenditure for 2009, following a meeting earlier this week.
Previous decisions for 2010 also remained unchanged during the meeting, although the board admitted that it would keep its position under regular review in light of predicted falls in the annual levy.
The allocation of prize money for 2010 will remain at £57 million, with the board agreeing to the Racing Representatives'' request to contribute £200,000 to the 2010 BHA fund.
Robert Hughes, chairman of the Levy Board, explained that the conclusions of the meeting struck the right balance between "our fiduciary responsibilities and maintaining confidence and continuity for racing".
He also underlined the importance of focusing on levy generation to ensure the sport continues to thrive in the future.
"Going forward, it is more important than ever that racing and betting work together to focus on levy generation, which should also be a key task of the Racing for Change programme," Mr Hughes added.
Last month, Mr Hughes criticised those placing bets with offshore bookmakers that do not pay a levy on bets taken on British horseracing.
He indicated that horseracing stands to lose out, where sponsorship is no substitute for supporting the sport.
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