The Racing Foundation grants £3million to support racing’s recovery from the impact of Covid-19

28 Oct 2021

The Racing Foundation has granted £3million to the Horserace Betting Levy Board (HBLB) to help with its flexibility and overall resources as racing recovers from the impact of Covid-19.

The sum will help HBLB cover particular areas of planned expenditure under the charitable heading in the rest of 2021 and 2022. 

A constructive and collaborative approach has enabled the Foundation and HBLB to work together to help the industry recover from the impact of the pandemic.

The £3m funding arrangement is a further development of the close working relationship between the two organisations that seeks to maximise the effectiveness of the support made available to racing’s stakeholders.

The Racing Foundation was established in 2012 and received a government grant of £78m – a sum which represented half of the proceeds from the sale of the Tote. 

A condition of the grant is that funds may only be used for charitable purposes benefiting horseracing and breeding in the UK. It means the Foundation is unable to allocate its funding to commercial activities such as prize money.

Both the Foundation and HBLB worked closely together last year to help overcome some of the financial impact felt by the sport during the first wave of Covid-19 in 2020 with the collaboration pledging up to £22m to the industry for coronavirus relief. 

Rob Hezel, Chief Executive of the Racing Foundation, said: “The Racing Foundation is committed to supporting the ongoing recovery of racing from the effects of Covid-19.

“By covering the charitable commitments of the HBLB in 2021, the Foundation is able to support the sport with an additional £3m whilst operating within its grant terms and conditions.”

Alan Delmonte, Chief Executive of the HBLB, said: “The Board is very grateful for the Racing Foundation’s contribution. It reflects the effective working relationship we have.

“The Racing Foundation’s generosity has enabled HBLB to make more available in other areas, such as prize money and regulation and integrity, than might otherwise have been possible.”

Read more in the Racing Post here: https://www.racingpost.com/news/the-racing-foundation-grants-levy-board-3m-in-support-of-covid-recovery-effort/518688