Racing Foundation pays £3m grant to Levy Board to maximise impact for industry

The Racing Foundation has confirmed the payment of a £3 million grant to the Levy Board to help cover some of its charitable commitments and in turn allow it to provide additional support to prize-money.

The charity said the arrangement meant it could be a "catalyst for change" in the wider racing industry.

The Racing Foundation was established in 2012 when it received a government grant of £78m, a sum that represented half of the proceeds from the sale of the Tote to Betfred.