The BHA Board has agreed new fees for participants in 2023. They have confirmed that fees will rise by 8%.
While this is a below-inflation increase – for the third consecutive year – we recognise that fee rises are never desirable, especially given the challenging economic environment. However, this is necessary to ensure that we have the resources to deliver our services, while continually striving to deliver value for money for those paying the fees.
The industry has undertaken a restructure of its corporate governance to strengthen the long-term future of British racing, with the BHA leading the development and co-ordination of a new industry strategy on behalf of the sport.
Next year’s fees have therefore been set not only to support the BHA’s normal business functions, but also to reflect the extra work involved in creating this long-term strategy, which will seek to grow our sport and secure its long-term future. The objectives of the strategy include growing revenues and investment, with the aim that this makes its way back to our participants through prize money.
Many of the areas we are investing in are as a result of direct feedback from stakeholders through strategic planning discussions, including around data and insight, programme management, new raceday structures, together with wider business transformation projects.
We will, as always, continue to identify additional areas for savings, where we can make further changes to minimise costs for participants without compromising the service provided throughout 2023.