Prize-money cuts agreed following levy income bombshell

Cuts in Levy Board funding for prize-money this year amounting to around £3.4 million have been agreed as the sport responds to the dramatic fall in levy income revealed last month.

The money will come from what is left of the one-off injection of £6.5m made by the Levy Board in March to fill the hole that is expected to be left in racecourse coffers by falling income from media rights this year.

British racing's leadership was rocked last month when it emerged that income from the levy, the sport's central funding system, had fallen by £17m to £78m in the 12 months to March 31, with the damage having come in the last few weeks of the levy year.