Racing has generated over £10.5m of the £25m identified in the BHB’s Financial Plan as the Industry’s self-help contribution to the total additional income requirement of £105m a year, according to figures revealed by BHB Chief Executive, Tristram Ricketts, at the BHB Industry Forum today.
Since the Financial Plan identified the £25m self-help target…
Racecourses and Sponsorship (£4.7m)
* Racecourses have increased their contribution by £2.2m.
* Sponsorship contributions have increased by £2.5m.
* These increases were helped by improvements to the Fixture List and the presentation of racing; initiatives such as the introduction of Showcase races; and sustained marketing efforts by racecourses, including the further development of non-racing activities.
* A fall of £5m in levy was anticipated in 1998/99 as a result of the decision of Ladbrokes, William Hill and Coral to switch from the Company Scheme to the Shop-based Scheme from 1st April 1998. However, latest figures suggest that increased horserace betting turnover will ensure a levy yield of £52.5m – a drop of only £2.5m.
* The Tote has also been able to increase its contribution to Racing via payments to racecourses and to the Levy Board by £1.8m.
* Racehorse owners increased their contribution to prize money by £1m, although their percentage contribution to prize money has basically remained static.
Sponsorship Framework for Racehorse Owners (SFRO) (£520,000)
* Annual owner-sponsorship income has increased by £520,000.
* BHB’s copyright income has increased by about £50,000.
* Racing has thus generated an extra £10.57m through self-help.