THE financial future of British racing has been of great concern for some time, but it’s only when the axe falls on funding that we seem to fear for the long-term health of the sport. I have been insisting for a number of years that the fixture list is overcrowded and more racing is not the answer when there is patently not enough prize-money available to make it worthwhile for owners to have horses in training. In the latest reduction in its overall funding contributions, the Horserace Betting Levy Board confirmed a £5.5m reduction for 2008, which racecourses were well aware of, but they now know how much it will affect their basic daily rates. The decreases vary from 5.05% at Ascot to 43.6% at Yarmouth on the Flat, and from 1.6% at Cheltenham to a mammoth 48.1% at Hexham over jumps. Privately-run Hexham will receive a daily rate of £15,350 in 2008 compared to £29,590 this year. This is nearly £8,500 per fixture less than the next lowest-paid jumps track, Fontwell. The Tynedale course is paying the penalty for making no executive contributions to prize-money for the last three years, during which it has also failed to spend all the Levy Board contribution on each occasion. Northern Racing has been hit the hardest of the groups that own several courses which comes as no surprise. Their policy of improving racecourses facilities rather than ploughing more of their own cash into prize-money has backfired. While Northern Racing had doubled its own 2007 input to £1m, they have been caught out under a new formula for calculating basic daily rates, based on a three-year average. Hexham will receive £14,240 a day less from the Levy Board next year and, with prize-money already little more than a pittance to owners and trainers, it can only lead to even poorer-quality racing. Unless significant sponsorship is found and the track executive make some sort of contribution, it’s easy to imagine horses competing for little more than £2,000 on most occasions. Racing’s future has always depended on the betting public. The levy is reflected on the turnover and it’s not what it used to be as punters continue to turn their backs on racing and wager on other sports and other gambling attractions. Horses are also so harshly handicapped these days. Perhaps it’s designed to increase betting revenue, but it must surely discourage a lot of owners, who are finding it a very expensive hobby, while smaller trainers will inevitably reach the point where it will be financial suicide. More than ever want a piece of the cake and, consequently, the portions are suffering. If only the bookmakers would settle for a smaller slice. However, they have their shareholders to think about, haven’t they? | 
