« RACING TO SEEK HELP FROM GOVERNMENT AS HUGE FINANCIAL CRISIS LOOMS

Sport to seek help from Government as a huge financial crisis looms

RACING leaders said yesterday that they are putting together a financial submission for Government aid to try to avert a desperate financial crisis.

The sport in Britain has been shut down initially until the end of April, a move that will cost an estimated £10million income alone from the levy on betting.

Each month after that costs the levy on average £7.5m and although the Levy Board have reserves of about £45m, they will need to act as the sport faces up to a crisis with no end in sight.

The reality is that £45m would be only a sticking plaster to a deep financial wound for a £4billion industry.

There are 6,500 stable staff, 600 trainers and 450 jockeys who are now wondering how long they will have an income.

Sixty racecourses are looking at a future with no income stream from either attendances or media rights payments for races being beamed into betting shops, and their non-raceday income from conferences and hospitality has also collapsed.

Farriers, feed and transport companies, valets, officials and sales companies are among others in limbo.

There is also the prospect that many owners — from the small syndicate members to businessmen with strings of racehorses — are facing such a collapse in their personal income that training fees could become a luxury they cannot afford. One racing insider said the damage the sport is facing was ‘simply incalculable’, with big meetings including the Epsom Derby and Royal Ascot only likely to be run if they can be rescheduled.

A statement was released after the meeting between British Horseracing Authority chief executive Nick Rust and representatives of owners, racecourses and participants, which read: ‘We know people are worried about their jobs and the survival of their businesses. We are working round the clock to present the most powerful case we can to the UK and devolved governments.

‘People will have many questions as a result of this uncertainty. We cannot answer them all at present and must focus on preparing a case that sets out clearly and carefully the issues we face as an industry.

‘The need to look after the 14,000 horses in training and the many more who are part of the breeding industry will be central to that case. Their welfare must be maintained. We pride ourselves on the high standards of care for horses in racing and we will not let those drop.’ Some in the sport feel the BHA acted too soon to shut down after Tuesday’s meetings at Taunton and Wetherby. This view might have hardened when Horse Racing Ireland yesterday decided to continue behind closed doors with one meeting a day, no owners and no overseas runners. Christian Leech, who trains 25 horses with wife Sophie in Gloucestershire, is one who has questioned whether British racing has shut down too early.

Leech said: ‘Our view is not that we should carry on regardless no matter how bad it gets. I am worried the BHA want to be seen to be doing the right thing all the time rather than what is right for the participants.

‘I acknowledge in a week or two this could get absolutely horrendous with no possibility of racing being held. But I don’t think we are at that situation yet. Who knows when we will resume and there is an awful lot of revenue being lost at a time to race with the precautions they put in place.’