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Racing鈥檚 half share of the 拢180 million net proceeds from the sale of the Horserace Totalisator Board (the Tote) is to be delivered through 2 different channels, a new charity and a grant scheme, Minister with responsibility for Horseracing John Penrose announced today.

Following discussions with the racing industry, it has been agreed that the 拢90 million will be distributed through:

• a new charity, The Racing Foundation, which has been set up by the racing industry聽to help fund charitable causes in racing
• a grant scheme, to be administered by the British Horseracing Authority (BHA),聽for applicants from the racing industry for State Aid compliant racing related projects

John Penrose said:

鈥淭he sale of the Tote last year, after decades of trying, finally, and not before time, saw the government move out of the bookmaking business.聽We promised that racing would get half of the proceeds and now we are making good that pledge.聽Racing is a mature, successful and much-loved business, today鈥檚 announcement, along with our on-going plans to reform the levy arrangements between betting and racing, will be a further step in allowing it to prosper without unnecessary government interference.鈥�

Paul Bittar, Chief Executive of the British Horseracing Authority, said:

鈥淲e are determined to use the opportunity provided by the proceeds from the sale of the Tote to create a meaningful legacy for the entire sport.

鈥淭he process will operate under significant constraints, principally around State Aid, and the anticipated 拢90 million will be received over a number of years, so we are very much taking a long-term view.

鈥淩acing sensibly wants to build an endowment to provide the sport with a sustainable income stream for good causes and projects across the industry.鈥�

The details of how the charity and grant scheme shall operate are currently being finalised and further information shall be available in the coming weeks.

The government will pay 拢10 million a year to the racing industry for the next 3 years with future payments to be agreed in the next spending review. The annual payment will be split between the grant scheme and The Racing Foundation. The split will be decided annually by The British Horseracing Authority (BHA) Chairman鈥檚 Committee in agreement with DCMS.

Notes to Editors

1. The proceeds of the sale amount to approximately 拢180 million of which Ministers promised to share approximately 拢90m with the Racing industry.
2. The Racing Foundation received 拢10 million on 14 March 2012 for year 2011-2012.
3. The grant scheme will make state aid compliant grants to eligible applicants in the Racing industry. The scheme will be administered by the BHA who won the contract following a procurement exercise earlier in the year. Interested applicants should visit the BHA website for further information.

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