Levy Board has 'enough to fund racing for first quarter of 2021'

Racing received a welcome boost on Friday when it was revealed that the Levy Board has enough resources to fund racing for the first quarter of 2021 – with the proviso that the sport is allowed to continue behind closed doors.

Alan Delmonte, chief executive of the Levy Board, gave hope to owners that current levels of prize-money, although reduced because no spectators can attend meetings, could be maintained well into next year.

Delmonte said: “We recognise the difficulties the racing industry is experiencing and have increased our contributions by 50 per cent compared to the norm by dipping into our reserves, which we have built up over a period of time.

“At the moment we are spending £2 million a month more than we’re getting in. That can only last for a limited amount of time.

“We would hope to keep up that contribution into 2021 to try and give the industry some confidence. We do recognise there is an even greater responsibility on the Levy Board at present with racing facing the prospect of six months without crowds.

"The absolute priority to make this happen is that racing carries on behind closed doors. We will look to continue at that inflated level for as long as possible.”

Alan Delmonte: 'At the moment we are spending £2 million a month more than we’re getting in'

Bookmakers who take bets from British-based punters on British racing pay the Levy Board ten per cent of the profits they make on those wagers.

Delmonte, speaking to ITV Racing, said: “How much the levy raises can change year by year as the amount the bookmakers make can go up or down.

“Since the levy was extended – it changed three years ago to include bets from bookmakers based overseas – the figure has averaged £92 million. Last year it was £97m and the year before it was £83m.

“What has helped racing since its resumption in June is the fact that betting revenues have remained on a par with normal. Owners and punters are keeping the show on the road at present.”

Read more on this issue:

Gosden calls for movement on levy reform to avoid going 'back to 1970s'

BHA calls for more government support as Sunak unveils new job support scheme

Courses facing bleak winter as Jockey Club reveals big increase in turnover hit

'Significant six-figure loss' pending for Wetherby as jumps tracks feel pinch

'I don't know how people are going to survive': bookmakers fear for the future

Hammer blow as new restrictions mean crowds might not return for six months

Ed Chamberlin: 'A dismal week but we need to get racing on the front foot'

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