It has been confirmed by the Horserace Betting Levy Board (HBLB), that courses with a balance on capital credits of £6.5 m currently, would be able to benefit from their immediate cash requirements.
There are actually 18 racecourses keeping capital credits balance with HBLB, as it stands. Under the new scheme, HBLB would give each racecourse the opportunity to request part or all of its capital credits balance from HBLB for non-capital purposes in order to support the cash position of the racecourse during ockdown.
Chief executive of HBLB Alan Delmonte said: HBLB wants to provide flexibility around funds where possible, given the exceptional pressure on the sport while no fixtures are being staged.
“This now includes releasing capital credits balances to those racecourses that wish to have them for day to day cash requirements, rather than being only for use on capital development projects.”
HBLB will make available a total of £20 m for short-term racecourses, consisting of £7.5 m from the work capital loan programme – jointly sponsored by the Racing Foundation – as well as £5 m from advancing raceday services grants and the transfer of £6.5 m in capital loans.
The HBLB and the Racing Foundation launched a £22m ‘hardship fund’ earlier this week which aims to help horseracing stakeholders impacted by the COVID-19 crisis.
HBLB Releases £6.5m in Capital Credits to Racecourseshttps://t.co/e2EgildUd6
— Levy Board (@LevyBoard) April 23, 2020