Levy Board allows tracks to cash in now on £6.5m ringfenced for future projects

Cash-strapped racecourses have been granted access to a further £6.5 million in funds by the Levy Board after rules around Capital Credits were relaxed due to the coronavirus pandemic.

Racecourses are able to waive payments allocated to them by the Levy Board and build up reserves, known as Capital Credits, which are ringfenced and then put towards future construction projects.

Usually the waived funds cannot be liquidated by racecourses back into cash payments, but the Levy Board has eased the restrictions to give operators access to finance to help sustain businesses that have been impacted by the coronavirus and shutdown of British racing since March 18.

Alan Delmonte, Levy Board chief executive, said: “We want to provide flexibility around funds where possible, given the exceptional pressure on the sport while no fixtures are being staged.

"This now includes releasing Capital Credits balances to those racecourses that wish to have them for day-to-day cash requirements, rather than being only for use on capital development projects.”

The release of the Capital Credits, which 18 racecourses have in reserve at present, comes alongside a £13.5m stimulus package for tracks from the Levy Board and the Racing Foundation announced last week.

Racecourses have been hit particularly hard by the closure of British racing and BHA chief executive Nick Rust said on Sunday that “not every track may be able to be saved”.

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