Board Meeting Summary

Meeting Date: Wednesday 14th September 2016

HBLB 2016 August Management Accounts

The Board noted the HBLB management accounts to August 2016.

Bookmakers’ Committee: 1st Quarter Trading Update

The Board noted the Bookmakers’ Committee estimate of the Levy generated by the LBO estate for the 55th Levy Scheme.

2017 Fixtures and Funding

The Board, agreeing to defer decisions on any 2017 expenditure levels until the November 2016 Board meeting, approved the following on an indicative basis only:

  1. The funding for Racing’s Lead Fixture Fund initiative by way of transferring £750,000 from the General Prize Fund (GPF) and the Fixture Incentive Fund.
  2. Prize money funding of £12,200 to the 116 twilight fixtures (including the fixtures that have moved to evening slots and the 11 additional Saturday evenings).
  3. Funding of £30,000 in prize money to three additional third evening Leasehold fixtures in 2017 on the proviso that each racecourse commits a minimum of £65,000 in Executive Contribution.
  4. Funding for the three Good Friday fixtures.
  5. The continuation of GPF funding for the pre-allocated Leasehold fixtures to Cartmel (2), Fakenham (3) and Chelmsford (12).
  6. The 2017 flat/jump prize money distribution split of 58.4/41.6.
  7. The 2017 GPF budget of £34,307,310 and the 2017 Race Incentive Fund (RIF) budget of £6,267,000 (for quarter one 2017 distribution).

Capital Credit Applications: Chester, Pontefract & Taunton

The Board approved Capital Credit Grants to Chester racecourse, Pontefract racecourse and Taunton Racecourse.