The British Horseracing Authority has published its three-year business plan, including a budget guide outlining fee raises and where fees will be directed.
The BHA will impose a 7.5% increase in fees spread over the next three years. Recognising the short-term financial uncertainty of the industry for next year before racing gets access to funds from the Levy replacement, the smallest fee increase will take effect in 2017 (2%), and the increases will rise to 2.75% in 2018 and 2019.
The budget has been designed to break even over the three-year period, with the BHA cash reserves remaining between £3-million and £4-million and annual savings of £1.1-million expected to be made in 2019.
Nick Rust, chief executive of the BHA, said, “We've set a budget that will enable the BHA to deliver more for our sport while phasing in fee changes over a three-year period and keeping increases to an absolute minimum. I appreciate that any increase is unwelcome and that our sport's participants are yet to see the benefit of increased funding from the Levy. That's why we're committed to delivering total annual savings of £1.1- million in the BHA's budget by 2019 and are limiting the increase in fees in 2017 to 2%.”
The business plan outlined the following future initiatives:
–Setting up the new Racing Authority to take control of future Levy income.
–Developing and implementing a new equine welfare strategy.
–Increasing the volume of horse testing to keep the sport fair and clean.
–Addressing industry staffing challenges including recruitment, training and welfare initiatives.
–Making important changes to disciplinary panels and processes following the BHA's Integrity Review and Christopher Quinlan QC's review of the structure and composition of its Disciplinary Panel, Appeal Board and Licensing Committee.
–Expanding Government relations to focus on racing's significant economic footprint, including jobs and rural businesses, education and welfare.
–Establishing a leadership role in UK sport and international racing in areas of anti-doping and sports governance.
“Balancing increased activity with continued efficiency will enable us to deliver more for our sport while continuing to manage our budget prudently,” Rust added. “Despite having a three-year plan, the BHA's performance will remain subject to an annual review, enabling our members and stakeholders to hold us to account for both our delivery and financial management.”
Click here for the BHA's Business Plan and Budget Guide.
Not a subscriber? Click here to sign up for the daily PDF or alerts.
