I am pleased to announce today that Government will immediately be transferring the full outstanding balance of horseracing’s 50% share (£49,895,524) of the net proceeds from the sale of the Horserace Totalisator Board (the Tote) to the Racing Foundation.
An additional £1,785,268.00 will be transferred during 2014-15 to the British Horseracing Authority’s (BHA) grant scheme after which the scheme will be wound up.
This follows an agreement that was reached in June 2011 between Government and the horseracing industry when the Tote was sold to Betfred. At the time of the sale. Government committed to share the sale proceeds 50/50 between the horseracing industry and the taxpayer. To date £30 million of Tote proceeds have already flowed to racing, with most of that money going to the Racing Foundation.
Parliamentary approval for additional resources of £49,895,524 for this service will be sought in a supplementary estimate for the Department for Culture, Media and Sport. Pending that approval, expenditure estimated at £49,895,524 will be met by repayable cash advances from the Contingencies Fund (CF).