Government to decide on racing Levy 01/11/2010 |
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The 50th Levy scheme will be decided by the Government after failure to reach agreement by the midnight deadline on Sunday (October 31).
The Horserace Betting Levy Board (HBLB) and the Bookmakers' Committee concluded at 2330 GMT on Sunday that there was no realistic possibility of agreement being reached by midnight.
The scheme – which runs from April 1, 2011 to March 31, 2012 – will therefore be referred to Jeremy Hunt, the Secretary of State for Culture, Olympics, Media and Sport for determination.
Levy Board chairman Paul Lee said: "It is very disappointing that it has not proved possible to reach agreement on the 50th scheme.
"Despite protracted and in-depth discussion at board meetings and elsewhere, ultimately the positions of racing and the Bookmakers' Committee remained significantly apart."
Will Roseff, chairman of the Bookmakers' Committee, added: "I am very frustrated. The Bookmakers' Committee constructed a very good argument which realistically addressed the challenges faced by bookmakers and racing.
"That the HBLB has elected not to approve the recommendations of the Bookmakers' Committee is further evidence that the current system has failed.
"It is now time to replace the Levy process with a commercial relationship that will reflect racing's true worth in the highly competitive bookmaking sector.
"I truly believe that racing must face up to the reality that is affecting every other aspect of the British economic landscape.
"As the nation looks to a future of austerity and cuts in spending of public money, racing still wants substantial increases from the HBLB.
"This failure brings more uncertainty to an industry that needs a period of stability to plan for a new commercial reality come what may. We will continue to seek to work with racing to achieve a satisfactory long-term solution."
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