The structure of British Racing governance is set to be revamped, in order to meet the demands of distributing the new horseracing betting levy which is inbound for April 2019.
Last week, the governances of the British Horseracing Authority (BHA), Horsemen’s Group and Racecourse Association moved to install a new Racing Authority which will oversee the management of racing’s upcoming levy distribution for all UK racing stakeholders.
The tripartite of governing bodies believe that a new collective structure will greatly benefit the sport of racing, in terms of its funding and the management of the sport’s relationship with betting industry and government stakeholders.
Restructuring racing’s levy system, the UK government has moved to “reduce financial and administrative burdens on the betting and horseracing industries,” which has led to the termination of the Horserace Betting Levy Board (HBLB) a Government Non-Departmental body will be abolished in April 2019.
The responsibilities for collecting the Levy will transfer to the UK Gambling Commission, whilst the distribution of the Levy will be carried out by the Racing Authority.
The new authority will move to implement the initial ‘central funding structure’ for racing, seeking to distribute the funds fairly and transparently in accordance with its founding mandate.
Furthermore, the authority will act as a consultation for all UK racing stakeholders, and government bodies including DCMS, the Levy Board and the UK Gambling Commission.
Overseeing the upcoming distribution of the new racing levy, the Racing Authority has set up it’s founding board which will be led by Sir Hugh Robertson as Chairman. The full composition of the Racing Authority’s board has been listed below
Sir Hugh Robertson, Independent Chairman of the Racing Authority, said: “Today sees a significant step forward for British Racing. I have been very encouraged to see how well the Authority’s new Board is working together to agree spending priorities.
“We now have an intense period of work ahead of us as a new organisation to prepare for the formal transfer of responsibilities in April 2019, and we look forward to working with the Department for Digital, Culture, Media and Sport; the Horserace Betting Levy Board; the Gambling Commission and stakeholders throughout racing and betting in the coming months.”
Racing Authority – Board of Governance