Board Meeting Summary

Meeting Date: Monday 8th November 2010


2011 Budget:

The Board approved:

a) A revised 2011 expenditure allocation of £60m (down from £70m which was approved at the August Board meeting).

b) Revised Expenditure allocations in the following proportions:

Horsemen £34.0m
Regulation & Integrity £16.4m
Fixture Incentive Scheme £2.1m
Other £7.6m
Total £60.1m

c) The issuing of racecourse Basic Daily Rates (BDRs) based on a 2011 allocation of £34m and the principles that:

(i) no BDR (inclusive of any winter racing prize money payment on any given day) should be below £10,000.

(ii) no individual racecourse which is not part of a group, and no racecourse group, should be more than 10% worse off than the average fall from the original 2010 BDR allocations to 2011.