British prize money for next year has been given a shot in the arm with an extra STG4.2 million ($A6.59 million) from the Levy Board.
The Levy Board decided to increase its contribution to prize money as part of an overall expenditure increase of STG 5 million.
The vast majority of the extra cash will go to improving the race program, particularly on the Flat, with a view to ensuring field sizes are maintained or improved and higher quality racing is suitably underpinned.
In total, STGS5.7 million of the Levy Board’s STG38.2 million prize money contribution next year will be for higher quality races.
Racecourses will benefit from an increase of 33 per cent in the allocation to the Board’s Fixture Incentive Scheme which provides funding to racecourses which stage fixtures in certain winter slots.
“The board has acted prudently in very difficult financial circumstances in the recent past and has taken some tough decisions,” Levy Board chairman Paul Lee said.
“This prudent approach is continuing but we believe that we can reasonably spend more next year than was possible this year. We expect the benefits of this targeted extra expenditure to be evident soon.”
The Levy for the next financial year is expected to yield STG72.4 million and was agreed on just before the midnight deadline on October 31 to prevent the 51st scheme being handed over to Culture Secretary Jeremy Hunt to determine.
PA AAP TURF
