Racing takes 'direct hit' as lockdowns heap more pressure on sport's finances

The strained finances of British racing are set to take another “direct hit” as a result of the latest national lockdowns with the outlook for prize-money levels beyond the end of April looking uncertain due to the drop in levy income and media rights payments.

Betting shop closures are expected to result in a net loss of approximately £3 million a month in levy income alone, with the drop in funds increasingly limiting the Levy Board’s ability to continue pumping in up to 50 per cent extra to prize-money beyond its initial commitment to do so until the end of April.

Alan Delmonte, Levy Board chief executive, said: “It is a direct hit to our finances with shops being closed and that has worsened the Levy Board’s financial position, but we see that as potentially moving future flexibility that we have from May onwards rather than saying we’re going to start making reductions in the short term.