UK Racing Levy Deal Secured
UK racing and the bookmakers managed to negotiate a Levy deal for next year just before the deadline of midnight on Monday 31 October was reached.
The basic details of the new deal, which begins in April 2012, will produce a Levy of GB£ 72.4 million for UK horseracing and there will be 1,450 fixtures.
The Levy deal was struck at 11.45pm on Monday evening, ahead of the midnight deadline that would have seen the levy determined by Culture Secretary Jeremy Hunt MP. Last year the bookmakers and racing failed to agree a deal, meaning that it did go to the Minister for determination.
Writing on Twitter (@Jeremy_Hunt) this morning (1 November 2011), the Minister was clearly pleased that it did not land on his desk this year too –
“Unexpected bday present 2day frm racing & bookies. Managed 2agree 51st levy without me having to determine it. Thx, def worth a toast 2nite.” (sic)