15/04/2010
Funding Boost Is Racing Certainty
There's to be an increase in the annual contribution bookmakers are required to make in funding for NI's top racecourses.
The Horse Racing Fund 'levy' is to rise from £1,123 to £2,000 per year, the Stormont Agriculture Minister Michelle Gildernew has announced.
She said that the Horse Racing Fund (HRF) which is administered by her department, DARD, provides for financial support for the Downpatrick and Down Royal Racecourses - as laid down in The Horse Racing (Northern Ireland) Order 1990.
The value of HRF, and required levy, is reviewed on a regular basis, she noted while announcing the HRF Fund increase.
"After direct negotiations between the racecourses and bookmakers, agreement was reached to increase the HRF payment for 'off course' bookmakers, for a five year period.
"The additional money, which will now be available under the HRF Fund will provide a welcome boost, investing an extra £300,000 in the sector annually. I have no doubt this will prove beneficial to our Horse Racing industry," she said.
The proposal will increase the HRF fund from a current figure of some £394,000 per annum to £690,000 approximately and the fund will be used for approved expenditure under capital, security and technical, prize money and health and safety.
(BMcC/GK)
The Horse Racing Fund 'levy' is to rise from £1,123 to £2,000 per year, the Stormont Agriculture Minister Michelle Gildernew has announced.
She said that the Horse Racing Fund (HRF) which is administered by her department, DARD, provides for financial support for the Downpatrick and Down Royal Racecourses - as laid down in The Horse Racing (Northern Ireland) Order 1990.
The value of HRF, and required levy, is reviewed on a regular basis, she noted while announcing the HRF Fund increase.
"After direct negotiations between the racecourses and bookmakers, agreement was reached to increase the HRF payment for 'off course' bookmakers, for a five year period.
"The additional money, which will now be available under the HRF Fund will provide a welcome boost, investing an extra £300,000 in the sector annually. I have no doubt this will prove beneficial to our Horse Racing industry," she said.
The proposal will increase the HRF fund from a current figure of some £394,000 per annum to £690,000 approximately and the fund will be used for approved expenditure under capital, security and technical, prize money and health and safety.
(BMcC/GK)
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