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Racing hit as Levy runs dry.

RACING'S prize-money crisis deepened yesterday when the Horserace Betting Levy Board announced further cuts of pounds 3.75million for the remainder of 2010.

pounds 2.1m is set to be stripped from HBLB budget for prize-money from Sunday August 1. The Levy Board have also cut pounds 450,000 from fixture incentives, and will look to make savings of up to pounds 625,000 in other departments -such as in breeders' prizes and in veterinary and research costs.

HBLB chairman Paul Lee said: "The Levy Board very much regrets having to make further expenditure reductions in 2010 and we all understand that these will have a considerable and very unwelcome effect on racing for the rest of the year.

"Indications from bookmakers of the estimated yield for the Levy Scheme ending on March 31 proved very inaccurate.

"It is recognised that this decision has a knock-on effect as far as the 2011 fixture plann i n g p r o c e s s i s concerned."
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Title Annotation:Sport
Publication:The Mirror (London, England)
Date:Jun 26, 2010
Words:167
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