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29 Sep 2022
The Racing Foundation has confirmed the payment of a £3million grant to the Horserace Betting Levy Board (HBLB).
The sum covers a number of the HBLB’s 2022 commitments to people development in the sport, supporting initiatives in areas including people welfare, training and education.
The funding commitment allowed the HBLB additional flexibility on spending this year, enabling them to give additional support to prize money levels.
It is not the first time a financial agreement of this kind has been made between the two funders.
In October 2021, the Racing Foundation granted £3m to the HBLB with the purpose of helping the industry recover from the impact of the coronavirus pandemic.
The 2022 funding arrangement is a further development of the close working relationship between the two organisations.
The Racing Foundation was established in 2012 and received a government grant of £78m – a sum that 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.
High-profile projects funded by the Racing Foundation include the Riding a Dream Academy, National Racehorse Week and the Orange to White research project that led to racecourses in Britain changing the colour of take-off and height markers of hurdles and fences.
The terms and conditions set at its inception mean the Foundation is unable to allocate funding to non-charitable activities such as prize money.
However, by optimising mix-and-match funding arrangements with the HBLB, the Racing Foundation is able to make a positive impact on racing’s stakeholders beyond its charitable remit.
Rob Hezel, Chief Executive of the Racing Foundation, said: “The Racing Foundation and HBLB are the two sources of industry funds to British Racing.
“It is therefore logical for us to work together to maximise our impact for the Racing industry with the funds available to us.
”By developing this arrangement with the Levy Board, we are able to be a catalyst for change not only in a charitable context but in the wider industry too.”
Alan Delmonte, Chief Executive of the HBLB, said: “The Board is very grateful for the Racing Foundation’s second substantial contribution.
“It reflects the effective working relationship we have developed and shows we are actively contributing to supporting Racing’s stakeholders in navigating the current financial climate.
“The Racing Foundation’s generosity has provided greater confidence and certainty for HBLB when making our significant increases to prize money over the past couple of years.”
