The British Horseracing Authority (BHA) published its 2016 annual report and accounts for 2016, which provide a comprehensive review of its operating activity and financial performance Wednesday. The report highlights areas that achieved growth over several key metrics last term, including participation, ownership, betting, viewing, field sizes and horses in training. The sport's new tripartite governance structure is credited with helping to make this growth possible. For British racing's performance against key indicators, click here.
Key 2016 achievements include: significant progress toward reforming the Levy, which came into effect on Apr. 25, 2017 and unlocks approximately £30-£40 million in additional income for the sport; raising over £12 million of additional revenue through the Authorised Betting Partner scheme; significant progress was made in implementing the recommendations of the Integrity Review and subsequent Quinlan Review; a three-year business plan and budget was developed to continue improving the BHA's performance in its core areas, to contribute to the growth of the sport, and working with out tripartite partners and other stakeholders; and improved financial performance with the forecast deficit reduced by 50% in 2016.
“Racing made good progress in 2016 through having in place a clear growth strategy, strong governance and strong leadership both within the BHA and across the sport,” said Steve Harman, Chairman of the BHA. “The additional revenues secured from April 2017 via the replacement Levy represent the start, rather than the end, of a journey towards long-term sustainable growth. I would like to thank all of those working in our great sport for the part they play from before dawn to after dusk and for your continued support in the future.”
Added Nick Rust, Chief Executive of the BHA, “2016 was a year which saw us make good progress against our strategic objectives, not least in securing long-term sustainable funding for the sport, which has now come into effect and will generate much-needed revenue for the industry. This, together with growth witnessed in a number of the sport's key indicators, mean there is a good reason to feel optimistic about the future of our sport.”
For a progress report regarding the BHA's nine strategic objectives and highlights of progress made against these objectives, click here. For the full 2016 annual report and accounts, click here.
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