Racing industry leaders have agreed a temporary deal which will see all available levy funds unlocked by all racecourses until the end of March. This will allow a breathing-space during which leaders will seek a collective agreement on how to respond to the changing media rights landscape. Levy funding will allow prize money to be maintained at 2018 levels for at least the next month while a longer-term approach is agreed.
After meeting in London last night, industry leaders from the BHA, RCA, racecourses, the NTF and The Horsemen’s Group agreed that unilateral action was not in the interests of the sport. Instead, they committed to work together intensively over the next four weeks. The focus will be on the media rights landscape and its impact on racing’s revenues with the aim of agreeing a collective response.
BHA Chief Executive, Nick Rust said;
‘I’m pleased at the commitment from all to work together on this which has to be in the long-term interests of the sport. We know there are difficult times ahead and a common approach is the best way to respond. I believe we can achieve that over the next four weeks if we can maintain the spirit of the agreement we’re announcing today’
The restoration of prize money to 2018 levels will take place from Wednesday 6th March. Entries for meetings on that day close at mid-day today. The temporary agreement maintains prize-money at meetings until March 31st to allow industry talks time to reach a conclusion.
The National Trainers Federation is notifying trainers of the agreement this morning.