The Racing Foundation grants Levy Board £3m in support of Covid recovery effort

The Racing Foundation has announced £3 million worth of support for the Levy Board as the sport battles to overcome the financial strains of the coronavirus pandemic.

The grant is designed to assist the HBLB with its charitable commitments for the rest of 2021 and into 2022, freeing up levy funds that can then be channelled into supporting prize-money.

The Racing Foundation was set up in 2012 to manage a £78m government grant to the sport derived from the sale of the Tote, and its charter prevents it from contributing directly to commercial activity such as the paying of prize-money.

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."

The Racing Foundation and the Levy Board were crucial in underwriting emergency relief for racecourses and individuals in the sport when Covid first struck, jointly funding £22m of support last April.

Racecourses were advanced £6m worth of grants for raceday services as well as being offered up to £200,000 each in loans, while £8m was made available to organisations and individuals facing hardship.

The Racing Foundation has also funded key initiatives throughout 2021 including: the inaugural National Racehorse Week in September; the recruitment of three key roles to oversee the implementation of the Horse Welfare Board's strategy; and the first intake of 18 teenagers from under-represented communities for the Riding A Dream Academy.

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