BHA could face £193 million loss due to sporting events suspension
The British Horseracing Authority (BHA) is set to have a meeting on Wednesday to discuss the possibility of opening racing tracks at the beginning of May, after urgency for renewed racing stemmed from estimates showing a possible loss of £193m ($242.1m) in revenue if the ban lasts until 1 July.
The current suspension on sporting events was placed in mid-March and is set to run until 30 April.
The BHA has created Resumption of Racing Group to further its cause. The group is tasked with figuring out how to safely resume the racing events in the current situation. The Government, however, shows no indications it is willing to stop the current lockdown.
One of the BHA’s plans is to open a few racing tracks and keep them running for a limited time. The staff and sportsmen would be housed in on-site locations to uphold the quarantine rules.
The £193m sum is 13% of the total annual revenue that comes from horseracing. National Trainers Federation President Emma Lavelle stated: “It’s big figures and, quite simply, the sooner we start racing then that’s when we can start to generate revenue for everybody.”
No racing until July would mean the sport would lose 25 festival days, 471 fixtures and cause a £55m net cash impact.
The BHA believes this can result in “significant economic and social hardship” and even “threaten British racing’s pre-eminent position” globally, since Australia, Hong Kong and Japan are still running their races.
Currently, BHA hopes to receive financial aid from the Government to offset the losses the industry is facing.
Gambling Insider delivers the latest industry news, in-depth features, and operator reviews that you can trust. Our team combines rigorous editorial standards with decades of specialized expertise to ensure accuracy and fairness. We are committed to delivering clear, impartial, and dependable coverage across the global gambling sector.
