Speaking on behalf of Racing’s stakeholder organisations regarding today’s announcement of an agreement of the Levy Scheme for 2014/15 and four-year arrangement between Racing and major Bookmakers, Paul Bittar, Chief Executive of the British Horseracing Authority, said:
“This arrangement has the support of the principal organisations in the sport, including the Racecourse Association and Horsemen’s Group, and represents a positive step forwards in the prevailing circumstances. We are pleased to reach an early Levy settlement, and in turn trigger a significant additional voluntary contribution from the big four retail operators for the next four years. This additional funding, coupled with a continuation of the underwrite, brings a degree of certainty and considerable upside in the coming years, and we would like to place on record our appreciation towards the big four bookmakers and the Levy Board in helping us reach this arrangement.
“Importantly, the arrangement places the emphasis on joint efforts with the betting industry to make the Racing product even more compelling, and competitive year-round. We look forward to working with the big four bookmakers to put the new Incentive Fund to best use, and grow Levy income further.”