Levy Board raises 2024 prize-money contribution by £3.2m in bid to support 'racing's aspiration to make change'

The Levy Board said its enhanced contribution to the 2024 fixture list was made on the basis new initiatives can be "unwound" if they do not work.

The board has budgeted to contribute £70.5 million to next year's prize-money, an increase of £3.2m on the £67.3m budgeted for 2023, after spending a "substantial amount of time" evaluating the radical proposals included in the latest fixture list, such as the introduction of 170 Premier fixtures.

The board intends to review its financial position in May when the financial landscape is clearer, including when it will know the scale of the 2023-24 levy yield. If there are no "material reasons to adjust plans", it will maintain its planned contribution for the remainder of 2024.

"As a principle, the board fully supports racing's aspiration to make change to ensure the sport is relevant and attractive, now and in the future," said chairman Paul Darling. "A number of changes are being made simultaneously for 2024 but it's recognised that a consensus has been reached through the sport's complex infrastructure.

"The board has been in discussion with the BHA and others in the sport to probe and question appropriately. This is the duty of the board in fulfilling its functions before the release of monies. We're pleased to see the commitment by BHA to the publication of clearly defined objectives, reasonable expectations of outcomes in key areas and regular updates through the year on progress."

The proposals contained in the fixture list, recommended by the cross-industry commercial committee and approved by the BHA board, are set to be implemented and tested for an initial two-year period.

"Although racing sees this as a two-year trial, we have given a funding commitment for 2024 with a formal review point in autumn next year before we confirm funding for 2025," added Darling. "We've been consistently assured by racing that the initiatives being trialled are all capable of being unwound if deemed to be unsuccessful. This has been a key factor for the board in its decisions.

"The evaluation of the changes will be very important but although we've been very keen to see the publication of targets and estimates, it will not be as simple as coming to a view about success or failure based solely on these numerical targets. There should be, and I believe will be, a wide-ranging series of measures through the year. As with any trial, some elements will work better than others and we'll play an appropriate part in the evaluation process."

Paul Darling: Levy Board chairman has been assured new initiatives can be "unwound if deemed to be unsuccessful"

A prominent aspect of the fixture list is the differentiation between Premier racedays, which benefit from improved prize-money, and other fixtures.

There will be a protected window between 2pm and 4pm for Premier Saturday fixtures, with other meetings being given earlier or later start times.

"There's been strong cooperation shown by all stakeholders in getting to this agreed position," said Racecourse Association chief executive David Armstrong. "I'm grateful for the commitment shown by racecourses in participating in this trial, as clearly there will be some racecourses having to alter longstanding racedays with all of the challenges that will present from a marketing and operational perspective.

"With any new initiative there are risks and rewards. The next two years will see us rigorously test a range of hypotheses to determine whether this trial is successful, and I'm eagerly anticipating the results."

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