UK Racing Industry Receives More Financial Aid

[Wandering Eyes]

Another £6.5 million has been made available to certain racecourses by the Horserace Betting Levy Board in a financial boost for the racing industry during the COVID-19 pandemic. HBLB operates a capital credits scheme whereby racecourses can elect to waive the receipt of their racing fixture-related grants from HBLB which then holds the funds. Racecourses are normally able to make use of these capital credits in the future for use on capital improvement projects approved by HBLB, but now the 18 qualifying tracks who have capital credits balances may now liquidate some or all of those assets for their immediate cash needs.

In other UK racing developments, three schemes designed to support jockeys, valets and jockey agents during the coronavirus were launched on Thursday. The three schemes are as follows:

• the PJA Income Support Scheme is open to all professional jockeys, agents and master valets who do not qualify for the government’s Self-Employed Income Support Scheme (SEISS). This scheme will pay 80% of average monthly income (not greater than £2,500) until the end of June and will be backdated to Mar. 18.
• Racing Foundation Repayable Cash Flow Grants: For those who do qualify for the SEISS, any government money will not be paid until June, and the Racing Foundation will provide grants to professional jockeys, agents, valets, and BHA jockey coaches. The grants will need to be repaid from any SEISS moneys.
• Jockeys Association Trust & IJF Hardship Grants: Further support will be available from The Jockeys Association Trust and The Injured Jockeys Fund, with almost £300,000 allocated for its grant scheme, which the IJF will match. The Peter O’Sullevan Charitable Trust has also contributed.

For more information on these schemes, please go to www.thepja.co.uk.

The post UK Racing Industry Receives More Financial Aid appeared first on TDN | Thoroughbred Daily News | Horse Racing News, Results and Video | Thoroughbred Breeding and Auctions.

View the full article